list of registered - EXRS 2010

Transcrição

20 – 25 June 2010
Figueira da Foz, Coimbra
PORTUGAL
http://exrs2010.fis.uc.pt/
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Welcome
The Local Organizing Committee of the European Conference on X-ray Spectrometry
(EXRS 2010) is pleased to welcome all participants in Figueira da Foz. About 290 delegates
from 37 countries will have the opportunity to exchange ideas and knowledge related to
X-ray Spectrometry, including fundamental aspects, technological developments,
traditional and novel areas of application and interdisciplinary research.
We thank our sponsors and all the people that contributed for this event to take place. We
hope that you enjoy your participation in EXRS 2010.
Joaquim M. F. dos Santos
EXRS 2010 Chair, on behalf of the Local Organizing Committee
Conference organization
EXRS 2010 is organized by GIAN (Atomic and Nuclear Instrumentation Group),
Instrumentation Centre of the Physics Department, University of Coimbra, Portugal, in
cooperation with the Atomic Physics Group of the University of Lisbon and the European Xray Spectrometry Association.
E-mail: [email protected]
Conference Web-page: http://exrs2010.fis.uc.pt/
Local Organizing Committee
International Advisory Committee
Joaquim Santos, University of Coimbra - Chair
Burkhard Beckhoff, Germany
M. Luisa Carvalho, University of Lisbon- Co-chair
Maria Luisa Carvalho, Portugal
Cristina Monteiro, University of Coimbra
Roberto Cesareo, Italy
Elisabete Freitas, University of Coimbra
Stjepko Fazinić, Croatia
Hugo Natal da Luz, University of Coimbra
Jorge E. Fernandez, Italy
João Veloso, University of Aveiro
René Van Grieken, Belgium
José Lopes, University of Coimbra
Yohichi Gohshi, Japan
Luis Requicha Ferreira, University of Coimbra
Marie-Christine Lepy, France
Luis Fernandes, University of Coimbra
Marcelo Rubio, Argentina
Manuela Ramos Silva, University of Coimbra
Eva Selin-Lindgren, Sweden
Szabina Török, Hungary
Peter Wobrauschek, Austria
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Conference Secretariat
Address: ADDF, Physics Department, University of Coimbra
Rua Larga, 3004-516 Coimbra, Portugal
Phone number: + 351 239410101; Fax: +351 239829158
E-mail: [email protected]
Scientific Program
EXRS 2010 is the 14th in a series of biennial conferences which bring together scientists from
the various research fields of X-ray spectrometry, using photon beams, electrons or other
energetic particles. The conference programme will consist of 10 invited lectures (30 min)
from distinguished scientists, 129 oral presentations (20 min) and 170 poster contributions.
Scientific Topics
1.
Interactions of X-rays with matter and fundamental parameters;
2.
X-ray sources, optics and detectors;
3.
Quantification methodology;
4.
TXRF, GIXRF and related techniques;
5.
Microbeam techniques;
6.
Mobile and portable XRF;
7.
WDXRS;
8.
Synchrotron XRS;
9.
PIXE and electron induced XRS;
10. Recent Scientific Developments by XRS Instrumentation Manufacturers;
11. X-ray imaging and tomography;
12. High resolution X-ray absorption and emission spectroscopy;
13. XRS Applications:
a. Advanced materials and nanoscience;
b. Art and Cultural Heritage;
c. Earth and environment sciences;
d. Industrial quality and process control;
e. Life sciences and forensics.
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Conference Sponsors
We thank the following institutions and companies for supporting the conference:
EXSA – European X-ray Spectrometry Association (http://www.exsa.hu)
GIAN – Grupo de Instrumentação Atómica e Nuclear (http://gian.fis.uc.pt/pt/index.html)
FCTUC – Faculdade de Ciências e Tecnologia (http://www.uc.pt/fctuc)
Universidade de Coimbra (http://www.uc.pt)
ADDF – Associação para o Desenvolvimento do Departamento de Física da FCTUC
Universidade de Lisboa (http://www.ul.pt)
Figueira Grande Turismo (http://www.figueiraturismo.com)
Câmara Municipal da Figueira da Foz (http://www.figueiradigital.com/cmff)
CAE, Figueira da Foz (http://www.cae.pt)
Invited Speakers
Román Padilla-Alvarez
International Atomic Energy Agency, Vienna, Austria
Topic 3, Thursday 8:30
Peter Brouwer
PANalytical BV, The Netherlands
Topic 4, Wednesday 8:30
Sultan Dabagov
INFN Laboratori Nazionali di Frascati, Frascati (Roma), Italy
Topic 2, Friday 8:30
Matthias Müller
Physikalisch-Technische Bundesanstalt, Berlin, Germany
Topic 8, Tuesday 13:30
Stanislaw Piorek
Thermo Fisher Scientific, USA
Topic 6, Monday 9:30
Ignacio Queralt
Topic 13c, Thursday 8:30
Institute of Earth Sciences “Jaume Almera”, Barcelona, Spain
Jan-Erik Rubensson
Department of Physics and Astronomy, Uppsala University, Sweden
Francesc Salvat
Facultat de Física, Universitat de Barcelona, Spain
Shangjun Zhuo
Topic 13d, Thursday 14:30
Shanghai Institute of Ceramics, Chinese Acad. Sciences, Shanghai, China
Matjaz Zitnik
Jožef Stefan Institute, Ljubljana, Slovenia
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Proceedings of the EXRS 2010
Abstracts of all accepted contributions will be published in the Book of Abstracts that will
be distributed to all participants during registration. Only abstracts of registered people will
be included in the Book of Abstracts and in the Conference Proceedings.
The Conference Proceedings will be published in a CD-ROM and sent to participants after
the conference. The proceedings will contain all presentations in pdf format as well as the
submitted manuscripts, except for those accepted for publication in X-Ray Sprectrometry.
Oral Presentations
Each oral presentation is entitled to 15 minutes + 5 min for questions. All technical material
will be presented with a digital projector and a PC running Microsoft Powerpoint. We
kindly ask you to load your file into the presentation machines at least one session prior to
the one in which you are to present. Speakers should be present at least 15 minutes before
the beginning of the Session in which they will give their presentation, in order to introduce
themselves to the Session Chair.
Poster Presentations
The size of the poster should not exceed A0 (841 mm x 1189 mm). Authors will have the
opportunity to discuss their posters during the respective poster session. Posters should be
displayed in the morning and should be removed after the end of the session.
Manuscripts
Authors of accepted contributions are invited to submit one single manuscript per
attendee for publication in a special issue of X-Ray Spectrometry (Wiley Interscience).
Manuscripts should be prepared in the strict format of the Journal and will be reviewed in
its normal review procedure. Manuscripts can only be submitted online, mentioning that
the manuscript is intended for the special issue of EXRS2010. The on-line submission must be
done before June 30. Instructions for authors can be found in:
http://www.interscience.wiley.com/jpages/0049-8246/authors.html
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Industrial Exhibition
Traditionally, EXRS conferences include an Industrial Exhibition featuring companies
producing X-ray related instruments and consumables.
EXRS2010 will be held in "CAE - Centro de Artes e Espectáculos", Figueira da Foz, a modern
Conference Hall with pleasant ample space, including an inner garden with glazed roof.
The Industrial Exhibition stands will be located in the common foyer of the entrance to
both auditoria and poster area. It will take place during the whole conference period.
Exhibitors (in alphabetical order):
AMPTEK, Inc.
http://www.amptek.com/
BRUKER AXS
http://www.bruker-axs-ma.com/
Cambridge Scientific
http://www.cambridgescientific.net/
CANBERRA
http://www.canberra.com/
CLAISSE
http://www.claisse.com/
e2v Scientific Instruments
http://www.e2vsi.com/
AMETEK/EDAX/ SPECTRO
http://www.ametek.de/
http://www.edax.com/
http://spectro.com/
Elvatech, Ltd.
http://www.elvatech.com/
Gravimeta, Lda.
http://www.gravimeta.pt/
Fischer-Instruments, S.A.
http://www.helmut-fischer.com/
KETEK GmbH
http://www.ketek.net/
MOXTEK, Inc.
http://www.moxtek.com/
PANalytical B.V.
http://www.panalytical.com/
PNDetector GmbH
http://www.pndetector.de/
PNSensor GmbH
http://www.pnsensor.de/
Rigaku
http://www.rigaku.com/
ROENALYTIC GmbH/ Schaefer GmbH
http://www.roentgenanalytik.de/
http://www.schaefer-tec.com/
SII NanoTechnology USA Inc.
http://www.siintusa.com/
Thermo Fisher Scientific, Inc.
http://www.thermo.fr/
ToIvEl Co.
http://www.toivel.com/
XIA LLC
http://www.xia.com/
X-Ray Optical Systems, Inc. (XOS®)
http://www.xos.com/
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Social Program
Sunday, June 20
18:30-19:10
Choir Concert
19:15-20:00
Welcome Reception
Monday, June 21
12:50-14:30 Conference Lunch: “Sardine Gastronomic Festival of Figueira”
Tuesday, June 22
18:00
Wine Degustation
Wednesday, June 23
14:00-19:00
Excursion
Thursday, June 24
20:15
Banquet
Friday, June 25
16:00
Closing Ceremony & Coffee
Accompanying persons: 2 (or 3) guided tours are foreseen for accompanies:
Salt ponds and Salt Museum in the estuary of Mondego river;
Bus-trip around the city of Figueira da Foz and the fisherman’s village Buarcos, with
stops at the interesting spots;
Visit to Sotto Mayor Palace.
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Sunday
17:00-18:30
Registration
18:30-19:15
Choir Concert
19:15-20:00
Welcome Reception
Monday
8:00-9:00
Registration
9:00-9:30
Welcome and Opening
Session 1:
Mobile and portable XRF
Session 2:
High resolution X-Ray
absorption and X-Ray
spectroscopy
9:30-10:00
PIOREK, Stanislaw
RUBENSSON, Jan-Erik
10:00-10:20
HOCQUET, François-Philippe
STJEPKO, Fazinic
10:20-10:40
KAWAI, Jun
MARQUES, J. P.
10:40-11:00
NAKAYE, Yasukazu
POLLAKOWSKI, Beatrix
11:00-11:30
Coffee Break
11:30-11:50
MIGLIORI, Alessandro
FRAENKEL, Benjamin
11:50-12:10
IWATA, Akihiko
SILVERSMIT, Geert
12:10-12:30
KUNIMURA, Shinsuke
ANKLAMM, Lars
12:30-12:50
BUZANICH, Günter
LE GUEN, Karine
12:50-14:30 Conference Lunch: “Sardine Gastronomic Festival of Figueira”
Session 3:
Interactions of X-Rays with
matter and fundamental
parameters
Session 4:
X-Ray imaging and
tomography
14:30-15:00
SALVAT, Francesc
ZITNIK, Matzaj
15:00-15:20
AMARO, Pedro
HASCHKE, Michael
15:20-15:40
FERNANDEZ, Jorge
TSUJI, Kouichi
15:40-16:00
SANTOS, José Paulo
BENDAHAN, Joseph
16:00-16:30
Coffee Break
16:30-16:50
SCOT, Viviana
BRUYNDONCKX, Peter
16:50-17:10
ERDOĞAN, Hasan
JANSSENS, Koen
17:10-18:30
Poster Session
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Tuesday
Session 5:
Interactions of X-Rays with
matter and fundamental
parameters
Session 6:
X-Ray imaging and
tomography
8:30-8:50
JONNARD, Philippe
DE SAMBER, Björn
8:50-9:10
SOKARAS, Dimosthenis
SZALóKI, Imre
9:10-9:30
BECKHOFF, Burkhard
LIMA, Inayá
9:30-9:50
MÉNESGUEN, Yves
RIBEIRO PEREIRA, Gabriela
9:50-10:10
MACIEJEWSKA, Karina
FRIZZI, Tommaso
10:10-10:40
Coffee Break
10:40-11:00
SCHOONJANS, Tom
SOLTAU, Heike
11:00-11:20
HODOROABA, Dan
WHITE, Victor
11:20-11:40
PAPP, Tibor
FIGUEROA, Rodolfo
11:40-12:00
REUTER, Dirk
SCHARF, Oliver
12:00-13:30
Lunch
Session 7:
Recent scientific
developments by XRS
instrumentation
manufacturers
Session 8:
Synchrotron XRS; PIXE and
electron induced XRS; WDXRS
Ivaylo Peev (TOIVEL)
13:30-14:00
Tibor Papp (CAMBRIDGE SCI.)
MÜLLER, Matthias
Robert H Redus (AMPTEK)
14:00-14:20
14:20-14:40
14:40-15:00
15:00-15:20
15:20-15:40
Kohei Kansai (RIGAKU)
Peter Grudberg (XIA LLC)
Sebastien Rivard (CLAISSE)
Joan Pujol (FISHER INSTRUMENTS)
Reinhard Singer (ROENALYTIC)
Ralf Terborg (BRUKER-NANO)
Gordon Myers (SII NANOTEC USA)
A. Niculae (PNDSENSOR)
A. Niculae (PNDETECTOR)
P. Lamberge (THERMO FISHER)
VINCZE, Laszlo
LANKOSZ, Marek
KAVCIC, Matjaz
STRÜDER, Lothar
KOUMEIR, Charbel
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15:40-16:10
16:10-16:30
Coffee Break
Sanjay Kamtekar (XOS)
LLOVET, Xavier
Kris Kozacek (MOXTEK)
Bruno Vrebos (PANALYTICAL)
16:30-16:50
Jürgen Knobloch (KETEK)
WILCOX, Jaroslava
Andreas Wittkopp (AMETEK)
16:50-18:30
Poster Session
18:00
Wine Degustation
18:15-19:15
EXSA General Assembly
Wednesday
Session 9:
Life Sciences and forensics
Session 10:
TXRF, GIXRF and related
techniques
8:30-9:00
8:40 - CHETTLE, David
BROUWER, Peter
9:00-9:20
GRAGG III, Richard D.
WOBRAUSCHEK, Peter
9:20-9:40
FLEMING, David
PEPPONI, Giancarlo
9:40-10:00
EICHERT, Diane
KALLITHRAKAS-KONTOS, N.
10:00-10:20
NAKAI, Izumi
KAYSER, Yves
10:20-10:50
Coffee Break
10:50-11:10
MATJACIC, Lidija
OSAN, Janos
11:10-11:30
ANTUNES, Andrea
NUTSCH, Andreas
11:30-11:50
REGO, Florbela
REINHARDT, Falk
11:50-12:10
ZVEREVA, Valentina
PAGELS, Marcel
12:10-12:30
MILIC, Ana
HAMPAI, Dariush
12:30-14:00
Lunch
14:00-19:00
Excursion
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Thursday
Session 11:
Earth and environment
sciences
Session 12:
Quantification methodology
8:30-9:00
QUERALT, Ignacio
PADILLA, Roman
9:00-9:20
BOMAN, Johan
WOLFF, Timo
9:20-9:40
VAN MEEL, Katleen
CZYZYCKI, Mateusz
9:40-10:00
FURGER, Markus
GARDNER, Robin
10:00-10:20
HOKURA, Akiko
GAZULLA, Mª Fernanda
10:20-10:50
Coffee Break
10:50-11:10
HOMMA, Hisashi
BLOKHINA, Elena
11:10-11:30
OBHODAS, Jasmina
MANTLER, Michael
11:30-11:50
MASSABO, Dario
LÜHL, Lars
11:50-12:10
RICHARD, Agnes
NENSEL, Bernhard
12:10-12:30
RO, Chul-Un
WELLENREUTHER, Gerd
12:30-14:00
Lunch
14:00-14:20
LUO, Liqiang
14:20-14:40
MARGUI, Eva
14:10 - KESSLER, Jens
Session 13:
Advanced materials and
nanoscience
Session 14:
Industrial quality and
process control
14:40-15:00
H - ARCON, Iztok
14:30 - ZHUO, Shangjun
15:00-15:20
STREECK, Cornelia
DILL, Simone
15:20-15:40
KRAEMER, Markus
GAO, Ning
15:40-16:00
SILVA, Pedro
COELHO, Luis
16:00-16:30
Coffee Break
16:30-16:50 Fundamental Parameter Initiative
ANYSZKIEWICZ, Jacek
16:50-17:10 (M.C. Lépy, B. Beckhoff, M. Mantler)
RIVARD, Sébastien
– Survey and discussion
17:10-18:30
Poster Session
20:15
Banquet
12
Friday
Session 15:
X-Ray sources, optics and
detectors
Session 16:
Art and cultural heritage
8:30-9:00
DABAGOV, Sultan
8:40 - ALFELD, Matthias
9:00-9:20
COVITA, Daniel
LEMBERGE, Pascal
9:20-9:40
EGGERT, Tobias
KRIZNAR, Anabelle
9:40-10:00
SILVA, Ana Luísa
GÓMEZ-TENA, M.P.
10:00-10:20
GRIGORIEVA, Inna
FIGUEIREDO, Maria Ondina
10:20-10:50
Coffee Break
10:50-11:10
TERBORG, Ralf
FRAGOSO, Emanuela
11:10-11:30
TOMAS, Alfredo
TRUNOVA, Valentina
11:30-11:50
FERNANDES, Luis
BUCCOLIERI, Giovanni
11:50-12:10
MANTOUVALOU, Ioanna
APPOLONI, C. Roberto.
12:10-12:30
RACKWITZ, Vanessa
RODRIGUES, Marta
12:30-14:00
Lunch
14:00-14:20
RODRIGUES, Matias
FURTADO, Maria
14:20-14:40
SCOULLAR, Paul
GIL, Francisco
14:40-15:00
CARRAMATE, Lara
CONSTANTINESCU, Bogdan
15:00-15:20
SIMSEK, Atakan
Le GAC, Agnès
15:20-15:40
TAIBI, Angelo
CAVALLO, Giovanni
15:40-16:00
UKIBE, Masahiro
CALZA, Cristiane
16:00
Conference Closing
Coffee Break
13
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z͘EĂŬĂǇĞ͕:͘<ĂǁĂŝ
͘WŽůůĂŬŽǁƐŬŝ͕͘ĞĐŬŚŽĨĨ
ϭϭ͗ϬϬʹϭϭ͗ϯϬŽĨĨĞĞƌĞĂŬ
ϭϭ͗ϬϬʹϭϭ͗ϯϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗:ƵŶ<ĂǁĂŝ
ZŽŽŵ^ͲŚĂŝƌ͗DĂƌŝĞͲŚƌŝƐƚŝŶĞ>ĠƉǇ
ϭϭ͗ϯϬʹϭϭ͗ϱϬ
WĞƌĨŽƌŵĂŶĐĞĐŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨĂ
ĐƵƐƚŽŵͲƌĞĂůŝƐĞĚƉŽƌƚĂďůĞyZ&
ďƐŽůƵƚĞƐƚĂŶĚĂƌĚƐĨŽƌyͲƌĂǇ
tĂǀĞůĞŶŐƚŚƐ
ĞŶũĂŵŝŶ^͘&ƌĂĞŶŬĞů͕ǁŝ,͘<ĂůŵĂŶ
͘ DŝŐůŝŽƌŝ͕ W͘ ŽŶĂŶŶŝ͕ >͘ ĂƌƌĂƌĞƐŝ͕ E͘ 'ƌĂƐƐŝ
ĂŶĚW͘͘DĂŶĚž
ϭϭ͗ϱϬʹϭϮ͗ϭϬ
yͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůǇƐŝƐŽĨƌŽĐŬƐ
ƵƐŝŶŐĂďĞŶĐŚƚŽƉtͲyZ&
ϯĐŽŶĨŽĐĂů&ĞͲ<yE^ŽŶŝŶĐůƵƐŝŽŶƐŝŶ
͞ƵůƚƌĂͲĚĞĞƉ͟ĚŝĂŵŽŶĚƐ
͘/ǁĂƚĂ͕<͘<ĂŶƐĂŝ͕z͘<ĂƚĂŽŬĂ͕:͘<ĂǁĂŝ
'͘^ŝůǀĞƌƐŵŝƚ͕͘sĞŬĞŵĂŶƐ͕d͘^ĐŚŽŽŶũĂŶƐ͕^͘
^ĐŚŵŝƚǌ͕&͘͘ƌĞŶŬĞƌ͕>͘sŝŶĐǌĞ
ϭϮ͗ϭϬʹϭϮ͗ϯϬ
hůƚƌĂdƌĂĐĞůĞŵĞŶƚĂůĞƚĞƌŵŝŶĂƚŝŽŶ
hƐŝŶŐdyZ&^ƉĞĐƚƌŽŵĞƚƌǇǁŝƚŚ>Žǁ
WŽǁĞƌyͲZĂǇdƵďĞ
,ŝŐŚƌĞƐŽůƵƚŝŽŶyͲƌĂǇĞŵŝƐƐŝŽŶ
ƐƉĞĐƚƌŽƐĐŽƉǇĨŽƌĐŚĞŵŝĐĂůƐƉĞĐŝĂƚŝŽŶ
ǁŝƚŚĂŶĞǁĚĞǀĞůŽƉĞĚ,W'ǀŽŶͲ
,ĂŵŽƐƐƉĞĐƚƌŽŵĞƚĞƌ
^ŚŝŶƐƵŬĞ<ƵŶŝŵƵƌĂĂŶĚ:ƵŶ<ĂǁĂŝ
>͘ŶŬůĂŵŵ͕D͘WĂŐĞůƐ͕,͘>ĞŐĂůů͕,͘^ƚŝĞů͕͘
<ĂŶŶŐŝĞƘĞƌ͕t͘DĂůǌĞƌ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨĨ͕
/͘'ƌĞŐŽƌŝĞǀĂ͕͘ŶƚŽŶŽǀ
ϭϮ͗ϯϬʹϭϮ͗ϱϬ
ϭϮ͗ϯϬʹϭϮ͗ϱϬ
WZd;WŽƌƚĂďůĞZdŶĂůǇƐĞƌͿͲŶyZĂǇ
^ƉĞĐƚƌŽŵĞƚĞƌĨŽƌƐƉĞĐŝĂů
ĂƉƉůŝĐĂƚŝŽŶƐŝŶƵůƚƵƌĂů,ĞƌŝƚĂŐĞ
ŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨhsƉĞƌŝŽĚŝĐ
ŵƵůƚŝůĂǇĞƌƐ
'͘ƵǌĂŶŝĐŚ͕W͘tŽďƌĂƵƐĐŚĞŬ͕͘^ƚƌĞůŝ͕͘
DĂƌŬŽǁŝĐǌ͕͘tĞŐƌǌǇŶĞŬ͕͘ŚŝŶĞĂͲĂŶŽ͕D͘
'ƌŝĞƐƐĞƌ͕<͘hŚůŝƌ͕͘'ƵŝůŚĞƌŵĞ
<͘>Ğ'ƵĞŶ͕D͘Ͳ,,Ƶ͕:͘ͲD͘ŶĚƌĠ͕W͘:ŽŶŶĂƌĚ͕͘
tĂŶŐ͕:ŚƵ͕͘'ĂůƚĂǇƌŝĞƐ͕͘DĞŶǇ͕͘
DĞůƚĐŚĂŬŽǀ͕͘,ĞĐƋƵĞƚ͕&͘ĞůŵŽƚƚĞ
ϭϮ͗ϱϬʹϭϰ͗ϯϬ>ƵŶĐŚ
ϭϮ͗ϱϬʹϭϰ͗ϯϬ>ƵŶĐŚ
KWWSH[UVILVXFSW
^ĞƐƐŝŽŶϯ͗/ŶƚĞƌĂĐƚŝŽŶƐŽĨyͲ
ƌĂǇƐǁŝƚŚŵĂƚƚĞƌĂŶĚ
ĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŵĞƚĞƌƐ
^ĞƐƐŝŽŶϰ͗yͲƌĂǇŝŵĂŐŝŶŐĂŶĚ
ƚŽŵŽŐƌĂƉŚǇ
ZŽŽŵ'ͲŚĂŝƌ͗DŝĐŚĂĞůDĂŶƚůĞƌ
ZŽŽŵ^ͲŚĂŝƌ͗^ƚũĞƉŬŽ&ĂǌŝŶŝđ
ϭϰ͗ϯϬʹϭϱ͗ϬϬ
/Es/d>dhZ͗
ƌŽƐƐƐĞĐƚŝŽŶƐĨŽƌŝŶŶĞƌͲƐŚĞůůŝŽŶŝǌĂƚŝŽŶ
ĂŶĚǆͲƌĂǇƉƌŽĚƵĐƚŝŽŶďǇŝŵƉĂĐƚŽĨ
ĞůĞĐƚƌŽŶƐĂŶĚƉŽƐŝƚƌŽŶƐ
/Es/d>dhZ͗
ϯͲƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŶŽďũĞĐƚďǇ
ŵĞĂŶƐŽĨĂĐŽŶĨŽĐĂůŵŝĐƌŽͲW/y
&͘^ĂůǀĂƚ͕͘ŽƚĞ͕y͘>ůŽǀĞƚ͕͘:ĂďůŽŶƐŬŝ͕͘:͘
WŽǁĞůů
D͘ŝƚŶŝŬ͕E͘'ƌůũ͕W͘WĞůŝĐŽŶ͕W͘sĂǀƉĞƚŝē͕͘
^ŽŬĂƌĂƐ͕͘'͘<ĂƌǇĚĂƐĂŶĚ͘<ĂŶŶŐŝĞɴĞƌ
;:ŽǎĞĨ^ƚĞĨĂŶ/ŶƐƚŝƚƵƚĞͿ
;ĂƌĐĞůŽŶĂhŶŝǀĞƌƐŝƚǇͿ
ϭϱ͗ϬϬʹϭϱ͗ϮϬ
ĐĐƵƌĂƚĞDĞĂƐƵƌĞŵĞŶƚƐŽĨ,ŝŐŚůǇ
ŚĂƌŐĞĚƌŐŽŶ/ŽŶƐyͲZĂǇ>ŝŶĞŶĞƌŐŝĞƐ
ǁŝƚŚĂŽƵďůĞͲƌǇƐƚĂů^ƉĞĐƚƌŽŵĞƚĞƌ
&ĂƐƚŵĞĂƐƵƌĞŵĞŶƚŽĨĞůĞŵĞŶƚĂů
ĚŝƐƚƌŝďƵƚŝŽŶƐǁŝƚŚђͲyZ&
D͘,ĂƐĐŚŬĞ͕h͘tĂůĚƐĐŚůćŐĞƌ
W͘ŵĂƌŽ͕^͘^ĐŚůĞƐƐĞƌ͕͘'ƵŵďĞƌŝĚǌĞ͕͘^ǌĂďŽ͕
͘K͘>ĞŝŐŽƚ͕͘DĂŶŝů͕D͘dƌĂƐƐŝŶĞůůŝ͕:͘W͘
^ĂŶƚŽƐ͕W͘/ŶĚĞůŝĐĂƚŽ
ϭϱ͗ϮϬʹϭϱ͗ϰϬ
ĞƚĂŝůĞĚƚƌĂŶƐƉŽƌƚĐĂůĐƵůĂƚŝŽŶƐŽĨůŝŶĞ
ǁŝĚƚŚĞĨĨĞĐƚƐŽŶƚŚĞyZ&ŝŶƚĞŶƐŝƚǇ
EŽŶĚĞƐƚƌƵĐƚŝǀĞĚĞƉƚŚƉƌŽĨŝůŝŶŐŽĨ
ůĂǇĞƌĞĚŵĂƚĞƌŝĂůƐĂŶĚϯͲyZ&ĂŶĂůǇƐŝƐ
ŽĨďŝŽůŽŐŝĐĂůƐĂŵƉůĞ
:͘͘&ĞƌŶĂŶĚĞǌ͕s͘^ĐŽƚ
<͘EĂŬĂŶŽ͕<͘dƐƵũŝ
ϭϱ͗ϰϬʹϭϲ͗ϬϬ
yͲƌĂǇƐƉĞĐƚƌŽƐĐŽƉǇĂŶĂůǇƐŝƐŽĨĞůĞĐƚƌŽŶͲ
ĐǇĐůŽƚƌŽŶͲƌĞƐŽŶĂŶĐĞŝŽŶͲƐŽƵƌĐĞƉůĂƐŵĂƐ
dƌĂŶƐŵŝƐƐŝŽŶ^ƉĞĐƚƌŽƐĐŽƉǇ
:͘W͘^ĂŶƚŽƐ͕D͘͘DĂƌƚŝŶƐ͕͘D͘ŽƐƚĂ͕:͘W͘
DĂƌƋƵĞƐ͕W͘/ŶĚĞůŝĐĂƚŽ͕&͘WĂƌĞŶƚĞ
d͘'ŽǌĂŶŝ͕:͘^ƚĞǀĞŶƐŽŶ͕͘ƌŽǁŶ͕t͘
>ĂŶŐĞǀĞůĚ͕:͘ĞŶĚĂŚĂŶ
ϭϲ͗ϬϬʹϭϲ͗ϯϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗DŝĐŚĂĞůDĂŶƚůĞƌ
ZŽŽŵ^ͲŚĂŝƌ͗^ƚũĞƉŬŽ&ĂǌŝŶŝđ
ϭϲ͗ϯϬʹϭϲ͗ϱϬ
ŶŐƵůĂƌĚŝƐƚƌŝďƵƚŝŽŶŽĨƐĐĂƚƚĞƌŝŶŐ
ŝŶƚĞŶƐŝƚŝĞƐǁŝƚŚƚŚĞ^WĐŽĚĞ
WƌŽŐƌĞƐƐŝŶĐŽŵďŝŶĞĚŵŝĐƌŽyZ&Ͳ
ŵŝĐƌŽdŝŵĂŐŝŶŐ
:͘͘&ĞƌŶĂŶĚĞǌ͕s͘^ĐŽƚ͕͘ŝ'ŝƵůŝŽ͕>͘sĞƌĂƌĚŝ
WĞƚĞƌƌƵǇŶĚŽŶĐŬǆ͕ůĞǆĂŶĚĞƌ^ĂƐŽǀ͕yƵĂŶ>ŝƵ
KWWSH[UVILVXFSW
ϭϲ͗ϱϬʹϭϳ͗ϭϬ
DĞĂƐƵƌĞŵĞŶƚŽĨ<ƐŚĞůůĨůƵŽƌĞƐĐĞŶĐĞ
ǇŝĞůĚƐŽĨƌ͕DŶ͕&Ğ͕Ž͕Eŝ͕Ƶ͕Ŷ͕DŽ͕
Ő͕Ě͕Ă͕>Ă͕ĞĂŶĚƚŚĞŝƌĐŽŵƉŽƵŶĚƐ
WŚŽƚŽͲŝŶĚƵĐĞĚƌĞĚŽǆƌĞĂĐƚŝŽŶƐŽĨƌ͕Ě
ĂŶĚ,Ő͗ĂƐŝŐŶŝĨŝĐĂŶƚƚŚƌĞĂƚƚŽŵŽĚĞƌŶ
ĂŶĚĂŶĐŝĞŶƚǁŽƌŬƐŽĨĂƌƚ͍
,ĂƐĂŶƌĚŽŒĂŶ
<͘:ĂŶƐƐĞŶƐ͕'͘sĂŶĚĞƌ^ŶŝĐŬƚ͕>͘DŽŶŝĐŽ͕:͘ŝŬ
ĂŶĚD͘ŽƚƚĞ
ϭϳ͗ϭϬʹϭϴ͗ϯϬWŽƐƚĞƌ^ĞƐƐŝŽŶ
ϭϳ͗ϭϬʹϭϴ͗ϯϬWŽƐƚĞƌ^ĞƐƐŝŽŶ
WK^dZ^^^/KEϭ
/ŶƚĞƌĂĐƚŝŽŶƐŽĨyͲƌĂǇƐǁŝƚŚŵĂƚƚĞƌĂŶĚĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŵĞƚĞƌƐ
ϭͲZĞƐŽŶĂŶƚZĂŵĂŶƐĐĂƚƚĞƌŝŶŐŽĨƉŽůĂƌŝǌĞĚĂŶĚƵŶƉŽůĂƌŝǌĞĚyͲƌĂǇƌĂĚŝĂƚŝŽŶĨƌŽŵDŐ͕
ůĂŶĚ^ŝ
͘^ŽŬĂƌĂƐ͕D͘DƺůůĞƌ͕D͘<ŽůďĞ͕͘ĞĐŬŚŽĨĨ͕Ś͘ĂƌŬĂĚĂƐ͕͘'͘<ĂƌǇĚĂƐ
ϮͲDŽĚĞůůŝŶŐŽĨyͲZĂǇ^ĐĂƚƚĞƌŝŶŐĨŽƌŝŵƉƌŽǀĞĚyͲZĂǇ&ůƵŽƌĞƐĐĞŶĐĞŶĂůǇƐŝƐͲ
DŽŶŽĐŚƌŽŵĂƚŝĐǆĐŝƚĂƚŝŽŶ
͘ZĞƵƚĞƌ͕D͘ZĂĚƚŬĞ͕>͘sŝŶĐǌĞ͕h͘ZĞŝŶŚŽůǌ͕,͘ZŝĞƐĞŵĞŝĞƌ͕s͘Ͳ͘,ŽĚŽƌŽĂďĂ
ϯͲZĞƐŽŶĂŶƚZĂŵĂŶ^ĐĂƚƚĞƌŝŶŐ͕ĂEĞǁdŽŽůĨŽƌKǆŝĚĂƚŝŽŶ^ƚĂƚĞĞƚĞƌŵŝŶĂƚŝŽŶƐ
:͘:͘>ĞĂŶŝ͕,͘^ĄŶĐŚĞǌ͕D͘sĂůĞŶƚŝŶƵǌǌŝ͕͘WĠƌĞǌ
ϰͲyĞŶŽŶƐĐŝŶƚŝůůĂƚŝŽŶŝŶĚƵĐĞĚďǇyͲƌĂǇƐ
>͘D͘W͘&ĞƌŶĂŶĚĞƐ͕͘͘͘&ƌĞŝƚĂƐ͕͘D͘͘DŽŶƚĞŝƌŽ͕:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ͕D͘Ăůů͕:͘:͘'ſŵĞǌͲĂĚĞŶĂƐ͕E͘
zĂŚůĂůŝ
ϱͲEĞĞĚƐĨŽƌƚŽŵŝĐĂƚĂŝŶ/ŽŶŝǌŝŶŐZĂĚŝĂƚŝŽŶdĞĐŚŶŝƋƵĞƐ
DĂƌŝĞͲDĂƌƚŝŶĞĠ͕DĂƌŝĞͲŚƌŝƐƚŝŶĞ>ĠƉǇ
ϲͲyͲƌĂǇŝĨĨƌĂĐƚŽŵĞƚƌǇ͕y&^ĂŶĚ^ŵĂůůͲŶŐůĞ^ĐĂƚƚĞƌŝŶŐŽĨyͲZĂǇĞĂŵƐĨŽƌEĂŶŽͲ
WĂƌƚŝĐůĞƐŝĂŐŶŽƐƚŝĐƐŝŶWŚĂƌŵĂĐŽůŽŐǇ
D͘͘ŽŝŬŽ͕<͘zƵ͘WŽŐƌĞďŝƚƐŬǇ͕͘D͘ŽŝŬŽ͕D͘͘^ŚĂƌŬŽǀ͕͘W͘DŽƌŽǀŽǀ͕D͘'͘sĂƐŝŶ͕>͘/͘dƌĂŬŚƚĞŶďĞƌŐ
ϳͲƉƉůŝĐĂƚŝŽŶŽĨŵŽĚŝĨŝĞĚĂŶĂůǇƚŝĐĂůĨƵŶĐƚŝŽŶĨŽƌĂƉƉƌŽǆŝŵĂƚŝŽŶĂŶĚĐŽŵƉƵƚĞƌ
ƐŝŵƵůĂƚŝŽŶŽĨĚŝĨĨƌĂĐƚŝŽŶƉƌŽĨŝůĞ
^͘/͘DĂƌƌĞƌŽ͕^͘E͘dƵƌŝďƵƐ͕:͘d͘ĚĞƐƐŝƐ͕s͘/͘DŽŶŝŶ
ϴͲyͲƌĂǇŵŝĐƌŽĂŶĂůǇƐŝƐŽĨŵĂƌƚĞŶƐŝƚĞƐƚƌƵĐƚƵƌĞƐŝŶĐŽƉƉĞƌďĂƐĞĚƐŚĂƉĞŵĞŵŽƌǇƉŚĂƐĞ
ĂůůŽǇƐ
K͘ĚŝŐƵǌĞů
KWWSH[UVILVXFSW
ϵͲĂůŝďƌĂƚŝŽŶŽĨƚŚĞyEKEϭϬϬĚĞƚĞĐƚŽƌ
͘ƉƌŝůĞ͕<͘ƌŝƐĂŬĂ͕&͘ƌŶĞŽĚŽ͕͘ƐŬŝŶ͕>͘ĂƵĚŝƐ͕͘ƌŽǁŶ͕:͘D͘Z͘ĂƌĚŽƐŽ͕͘ŚŽŝ͕͘ůŝŶĞ͕^͘&ĂƚƚŽƌŝ͕
͘͘&ĞƌĞůůĂ͕<͘>͘'ŝďŽŶŝ͕͘<ŝƐŚ͕Z͘&͘>ĂŶŐ͕<͘͘>ŝŵ͕:͘͘D͘>ŽƉĞƐ͕z͘DĞŝ͕͘:͘DĞůŐĂƌĞũŽ&ĞƌŶĂŶĚĞǌ͕<͘Eŝ͕
h͘KďĞƌůĂĐŬ͕^͘͘͘KƌƌŝŐŽ͕͘WĂŶƚŝĐ͕'͘WůĂŶƚĞ͕͘͘͘ZŝďĞŝƌŽ͕Z͘^ĂŶƚŽƌĞůůŝ͕:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ͕D͘
^ĐŚƵŵĂŶŶ͕W͘^ŚĂŐŝŶ͕͘dĞǇŵŽƵƌŝĂŶ͕͘dǌŝĂĨĞƌŝ͕,͘tĂŶŐ
dyZ&͕'/yZ&ĂŶĚƌĞůĂƚĞĚƚĞĐŚŶŝƋƵĞƐ
ϭϬͲŶĂůǇƐŝƐŽĨ^ƉŝŶͲĐŽĂƚĞĚ/ŶŽƌŐĂŶŝĐŽŶƚĂŵŝŶĂƚŝŽŶŽŶ^ŝǁĂĨĞƌ^ƵƌĨĂĐĞƐďǇŝĨĨĞƌĞŶƚ
DĞƚŚŽĚŽůŽŐŝĞƐ
͘ĞĐŬŚŽĨĨ͕͘EƵƚƐĐŚ͕Z͘ůƚŵĂŶŶ͕'͘ŽƌŝŽŶĞƚƚŝ͕͘WĞůůŽ͕D͘>͘WŽůŝŐŶĂŶŽ͕͘ŽĚĞŐŽŶŝ͕^͘'ƌĂƐƐŽ͕͘
ĂǌǌŝŶŝ͕D͘ĞƌƐĂŶŝ͕W͘>ĂǌǌĞƌŝ͕^͘'ĞŶŶĂƌŽ͕D͘<ŽůďĞ͕D͘DƺůůĞƌ͕W͘<ƌĞŐƐĂŵĞƌ͕&͘WŽƐĐŚ
ϭϭͲŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨ,ĨďĂƐĞĚƚŚŝŶĨŝůŵƐŽŶ^ŝǁĂĨĞƌƐďǇ'ƌĂǌŝŶŐ/ŶĐŝĚĞŶĐĞyZ&
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ϭϮͲ/ŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞĞůĞŵĞŶƚĚŝƐƚƌŝďƵƚŝŽŶŝŶdyZ&ƐĂŵƉůĞƐƵƐŝŶŐ^ZђyZ&
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ϭϯͲŶĂůǇƐŝƐŽĨŵŝŶĞƌĂůͲŶƵƚƌŝĞŶƚƐŝŶůŝƋƵŝĚŚĞĂůƚŚĐĂƌĞƉƌŽĚƵĐƚƐďǇŵĞĂŶƐŽĨdyZ&
,͘^ƚŽƐŶĂĐŚ͕Z͘ĂĞĐŚůĞƌ
ϭϰͲdŽƚĂůƌĞĨůĞĐƚŝŽŶyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞƐƉĞĐƚƌŽŵĞƚƌǇĨŽƌĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨ/ŶĚŝƵŵŝŶ
ƌĞĂĐƚŽƌŚĞĂǀǇǁĂƚĞƌĂƚƵůƚƌĂƚƌĂĐĞůĞǀĞůƐ
E͘>͘DŝƐƌĂ͕^͘ŚĂƌĂ͕^͘^͘<ƵŵĂƌ͕,͘ŽƐĞ͕^͘<͘ŐŐĂƌǁĂů͕s͘sĞŶƵŐŽƉĂů
ϭϱͲ&ŝƌƐƚƵĂŶĚdďƋƵĂŶƚŝƚĂƚŝŽŶŝŶůƵŵŝŶĞƐĐĞŶƚγͲƌWͲdĞƌWǇĐŽŵƉŽƵŶĚƐďǇdŽƚĂůͲ
ƌĞĨůĞĐƚŝŽŶyͲZĂǇ&ůƵŽƌĞƐĐĞŶĐĞĚŝƌĞĐƚƐŽůŝĚƉƌŽĐĞĚƵƌĞ
Z͘&ĞƌŶĄŶĚĞǌͲZƵŝǌ͕͘ƌƵŶĞƚ͕K͘:ƵĂŶĞƐ͕:͘͘ZŽĚƌşŐƵĞǌͲhďŝƐ͕͘^ĂůǀĂĚŽƌ
DŝĐƌŽďĞĂŵƚĞĐŚŶŝƋƵĞƐ
ϭϲͲdƌĂĐĞĞůĞŵĞŶƚƐĐŽŶĐĞŶƚƌĂƚŝŽŶĂŶĚĚŝĂďĞƚĞƐŵĞůůŝƚƵƐĚƵƌĂƚŝŽŶŝŶĐƌǇƐƚĂůůŝŶĞůĞŶƐŽĨ
ĚŽŐƐ͗ђyZ&ĂƉƉůŝĐĂƚŝŽŶƐ
D͘͘W͘ƌĂŐĂ͕D͘͘^ĐĂƉŝŶ͕͘D͘s͘^ĂĨĂƚůĞ͕W͘^͘D͘ĂƌƌŽƐ͕D͘>͘ĂƌǀĂůŚŽ͕͘ŶƚƵŶĞƐ
ϭϳͲђ^yZ&ŵĂƉƐŽŶĐƌǇƐƚĂůůŝŶĞůĞŶƐĞƐŽĨĚŝĂďĞƚŝĐĂŶĚŶŽŶĚŝĂďĞƚŝĐĚŽŐƐ͗ĂĐŽŵƉĂƌĂƚŝǀĞ
ƐƚƵĚǇ
D͘͘W͘ƌĂŐĂ͕͘D͘s͘^ĂĨĂƚůĞ͕W͘^͘D͘ĂƌƌŽƐ͕D͘>͘ĂƌǀĂůŚŽ͕͘ŶƚƵŶĞƐ
ϭϴͲђͲyZ&ĂŶĚђͲyE^͕ƚŽŽůƐĨŽƌƚŚĞĂŶĂůǇƐŝƐŽĨŵĞƚĂůůŝĐŝŵƉƵƌŝƚŝĞƐŝŶƉŚŽƚŽǀŽůƚĂŝĐ
ƉŽůǇĐƌǇƐƚĂůůŝŶĞƐŝůŝĐŽŶ
'͘ƵǌĂŶŝĐŚ͕,͘ZŝĞƐĞŵĞŝĞƌ͕D͘ZĂĚƚŬĞ͕h͘ZĞŝŶŚŽůǌ͕͘<ƌĞƘŶĞƌͲ<ŝĞůĂŶĚd͘<ĂĚĞŶ
ϭϵͲ>ŝƋƵŝĚͲ>ŝƋƵŝĚŶĞĂƌŝŶƚĞƌĨĂĐĞĂŶĂůǇƐŝƐďǇŵŝĐƌŽͲyZ&ƵƐŝŶŐŝŶũĞĐƚŝŽŶŶĞĞĚůĞƚǇƉĞ
ĐŽůůŝŵĂƚŽƌƐ z͘EŝƐŚŝĚĂ͕<͘dƐƵũŝ
ϮϬͲŝƐƚƌŝďƵƚŝŽŶŵĂƉƐŽĨƚƌĂĐĞĞůĞŵĞŶƚƐŝŶďŽǀŝŶĞƉůĂĐĞŶƚĂ
^͘tŝůů͕Z͘ZŝĐŝ͕D͘͘DŝŐůŝŶŽ͕D͘>͘ĂƌǀĂůŚŽĂŶĚ͘ŶƚƵŶĞƐ
ϮϭͲĂƚĂƉƌŽĐĞƐƐŝŶŐĂŶĚƌĞƐƵůƚƉƌĞƐĞŶƚĂƚŝŽŶŝŶђͲyZ&
D͘,ĂƐĐŚŬĞ͕t͘DĂůǌĞƌ͕h͘tĂůĚƐĐŚůćŐĞƌ͕Z͘dĂŐůĞ͕h͘ZŽƐƐĞŬ͕,͘tĂŐĞŶŬŶĞĐŚƚ
KWWSH[UVILVXFSW
ϮϮͲ^ƉĂƚŝĂůůǇͲƌĞƐŽůǀĞĚĚĞƚĞĐƚŝŽŶŽĨŝŽĚŝŶĞŝŶŶĂƚƵƌĂůƉůĂƚŝŶƵŵͲƉĂůůĂĚŝƵŵŶƵŐŐĞƚƐ͗Ă
ĐŽŵƉĂƌŝƐŽŶŽĨW/yĂŶĚyZ&
D͘ZĂĚƚŬĞ͕͘ĂďƌĂů͕͘>ĞŚŵĂŶŶ͕&͘DƵŶŶŝŬ͕h͘ZĞŝŶŚŽůǌ͕,͘ZŝĞƐĞŵĞŝĞƌ
ϮϯͲ^ĐĂŶŶŝŶŐŵŝĐƌŽͲyZ&ŽĨƌŽƵŐŚƐƵƌĨĂĐĞƐĂŶĚƌĞůŝĞĨŝŵĂŐŝŶŐŽĨŵĞƚĂůůŝĐŽďũĞĐƚƐ
d͘dƌŽũĞŬ
yͲƌĂǇŝŵĂŐŝŶŐĂŶĚƚŽŵŽŐƌĂƉŚǇ
ϮϰͲ/ŶͲĚĞƉƚŚĞůĞŵĞŶƚĂů/ŵĂŐŝŶŐďǇyZ&ǁŝƚŚĂŶĂĚǀĂŶĐĞyƌĂǇƐƉĞĐƚƌŽŵĞƚĞƌďĂƐĞĚ
ŽŶ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌ
'͘͘ƌĂŵďŝůůĂ͕D͘ŽƌƚĞƐŝ͕͘ƌĞƐŬŝŶ͕Z͘ŚĞĐŚŝŬ͕^Ś͘^͘^ŚŝůƐƚĞŝŶ͕Z͘ůďĞƌƚŝ͕͘>ŽŶŐŽŶŝ͕d͘&ƌŝǌǌŝ
ϮϱͲEĂŶŽĐŚĞŵŝĐĂů/ŵĂŐŝŶŐŽĨƚŚĞ^ƵďƚŝƐƐƵĞDĞƚĂůŝƐƚƌŝďƵƚŝŽŶǁŝƚŚŝŶƚŚĞŝŽůŽŐŝĐĂů
DŽĚĞůKƌŐĂŶŝƐŵĂƉŚŶŝĂŵĂŐŶĂ
͘Ğ^ĂŵďĞƌ͕^͘sĂŶďůĂĞƌĞ͕<͘Ğ^ĐŚĂŵƉŚĞůĂĞƌĞ͕͘:ĂŶƐƐĞŶ͕/͘>ŝŶĚĞŵĂŶŶϭ͕d͘^ĐŚŽŽŶũĂŶƐ͕'͘
^ŝůǀĞƌƐŵŝƚ͕͘sĞŬĞŵĂŶƐ͕^͘ŽŚŝĐ͕'͘DĂƌƚŝŶĞǌͲƌŝĂĚŽ͕Z͘dƵĐŽƵůŽƵ͕W͘ůŽĞƚĞŶƐ͕>͘sŝŶĐǌĞ
ϮϲͲƵĂůĞƚĞĐƚŽƌyͲƌĂǇ&ůƵŽƌĞƐĐĞŶĐĞƌǇŽƚŽŵŽŐƌĂƉŚǇĂŶĚDĂƉƉŝŶŐŽŶƚŚĞŝŽůŽŐŝĐĂů
DŽĚĞůKƌŐĂŶŝƐŵĂƉŚŶŝĂŵĂŐŶĂ
͘Ğ^ĂŵďĞƌ͕/͘>ŝŶĚĞŵĂŶŶ͕d͘^ĐŚŽŽŶũĂŶƐ͕'͘^ŝůǀĞƌƐŵŝƚ͕͘sĞŬĞŵĂŶƐ͕
Z͘ǀĞŶƐ͕^͘sĂŶďůĂĞƌĞ͕<͘Ğ^ĐŚĂŵƉŚĞůĂĞƌĞ͕͘:ĂŶƐƐĞŶ͕'͘tĞůůĞŶƌĞƵƚŚĞƌ͕<͘ZŝĐŬĞƌƐ͕'͘&ĂůŬĞŶďĞƌŐ͕
>ĂƐǌůŽsŝŶĐǌĞ
ϮϳͲůĞŵĞŶƚĂů/ŵĂŐŝŶŐŽĨWĂŝŶƚĞĚ>ĂǇĞƌƐǁŝƚŚĂ>ĂďŽƌĂƚŽƌǇϯDŝĐƌŽͲyͲZĂǇ
&ůƵŽƌĞƐĐĞŶĐĞ^ƉĞĐƚƌŽŵĞƚĞƌ
͘^Ğŝŵ͕͘,ĞƐƐĞ͕͘<ĂŶŶŐŝĞƘĞƌ
ϮϴͲŽŵďŝŶĂƚŝŽŶŽĨ>ŝ&ĚĞƚĞĐƚŽƌƐǁŝƚŚƉŽůǇĐĂƉŝůůĂƌǇŽƉƚŝĐƐĨŽƌyͲƌĂǇŚŝŐŚƌĞƐŽůƵƚŝŽŶ
ŝŵĂŐŝŶŐ
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ϮϵͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨŽŶĐƌĞƚĞ&ĞĂƚƵƌĞƐďǇ/ŵĂŐĞƐKďƚĂŝŶĞĚ&ƌŽŵyͲZĂǇ
DŝĐƌŽƚŽŵŽŐƌĂƉŚǇ
:͘Z͘͘WĞƐƐƀĂ͕Z͘>͘͘ƌĞĚĞƌ͕W͘͘ƌƵǀŝŶĞů͕WĂƵůŽZ͘K͘>ĂƐƐŽ͕'͘ĂƌǀĂůŚŽ͕Z͘ŝŶƐĨĞůĚ͕/͘>ŝŵĂ͕:͘d͘ĚĞƐƐŝƐ
ϯϬͲŽŶĐƌĞƚĞWŽƌŽƐŝƚǇĞƚĞƌŵŝŶĂƚŝŽŶhƚŝůŝǌŝŶŐƚŚĞŽŵƉĂĐƚ^ŬǇ^ĐĂŶϭϭϳϰŵŝĐƌŽͲd
:͘d͘ĚĞƐƐŝƐ͕:͘Z͘͘WĞƐƐƀĂ͕Z͘>͘͘ƌĞĚĞƌ͕'͘:͘K͘ZŽĚƌŝŐƵĞƐ͕'͘ĂƌǀĂůŚŽ͕Z͘ŝŶƐĨĞůĚ͕/͘>ŝŵĂ
ϯϭͲŽŶĞͲŚǇĚƌŽǆǇĂƉĂƚŝƚĞƐƉŚĞƌĞƐŝŶƚĞƌĨĂĐĞĞǀĂůƵĂƚŝŽŶďǇƐǇŶĐŚƌŽƚƌŽŶƌĂĚŝĂƚŝŽŶǆͲƌĂǇ
ŵŝĐƌŽĨůƵŽƌĞƐĐĞŶĐĞ
&͘D͘'ĂƐƉĞƌŝŶŝ͕͘D͘ZŽƐƐŝ͕Z͘&͘͘ZĞƐĞŶĚĞ͕D͘͘ĂůĂƐĂŶƐͲDĂŝĂ͕:͘D͘'ƌĂŶũĞŝƌŽ͕Z͘>ĞŝƚĆŽ͕Z͘d͘>ŽƉĞƐ͕
/͘͘͘>ŝŵĂ
ϯϮͲƵƌƌĞŶƚ^ƚĂƚƵƐŽĨƚŚĞdƌĂŶƐŵŝƐƐŝŽŶyͲƌĂǇDŝĐƌŽƐĐŽƉǇŝŶ^Z&
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tĞŶďŝŶŐzƵŶ
ϯϯͲǆƉĞƌŝŵĞŶƚĂůƐƚƵĚǇŽĨĂŶŽƉƚŝĐĂůyZ&ŝŵĂŐŝŶŐƐǇƐƚĞŵƵƐŝŶŐĂϮŐĂƐĞŽƵƐĚĞƚĞĐƚŽƌ
Z͘'͘&ŝŐƵĞƌŽĂ͕͘WĂƌƌĂ͕͘>͘D͘^ŝůǀĂ͕:͘&͘͘͘sĞůŽƐŽ
KWWSH[UVILVXFSW
ϯϰͲWŚĂƐĞŽŶƚƌĂƐƚyͲƌĂǇ/ŵĂŐŝŶŐĂŶĚDŝĐƌŽdŽĨtĞĂŬůǇďƐŽƌďŝŶŐDĂƚĞƌŝĂůƐƵƐŝŶŐ
>ĂďŽƌĂƚŽƌǇyͲƌĂǇ^ŽƵƌĐĞƐ͕ >͘ƌŽǁŶůŽǁ͕s͘WŝƌĞƐ
ϯϱͲ'ƌĂƚŝŶŐͲďĂƐĞĚƉŚĂƐĞĐŽŶƚƌĂƐƚŝŵĂŐŝŶŐƵƐŝŶŐĂƉŽůǇĐŚƌŽŵĂƚŝĐyͲƌĂǇůĂďŽƌĂƚŽƌǇ
ƐŽƵƌĐĞ
ŚŝůŝtĂŶŐ͕WĞŝƉŝŶŐŚƵ͕<ĂŝŚĂŶŐ͕yŝĂŽƐŽŶŐ>ŝƵ͕zŽƵůŝ,ŽŶŐ͕YŝŶŐǆŝzƵĂŶ͕tĂŶǆŝĂ,ƵĂŶŐ͕ŚŽŶŐǌŚƵŚƵ͕
ŝǇƵtƵ
,ŝŐŚƌĞƐŽůƵƚŝŽŶyͲƌĂǇĂďƐŽƌƉƚŝŽŶĂŶĚĞŵŝƐƐŝŽŶƐƉĞĐƚƌŽƐĐŽƉǇ
ϯϲͲ>ŝĨĞƚŝŵĞͲďƌŽĂĚĞŶŝŶŐƌĞŵŽǀĞĚ>ϯǆͲƌĂǇĂďƐŽƌƉƚŝŽŶƐƉĞĐƚƌƵŵŽĨyĞŵĞĂƐƵƌĞĚďǇ
ƌĞƐŽŶĂŶƚŝŶĞůĂƐƚŝĐǆͲƌĂǇƐĐĂƚƚĞƌŝŶŐ
D͘<Ăǀēŝē͕D͘ŝƚŶŝŬ͕<͘ƵēĂƌ͕:͘^ǌůĂĐŚĞƚŬŽ
ϯϳͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨƐƚĂƚĞĂŶĚůŽĐĂůƐƚƌƵĐƚƵƌĞŽĨĂĐƚŝǀĞĐŽŵƉŽŶĞŶƚŽĨŶĂŶŽƐƚƌƵĐƚƵƌĞĚ
ƉƌĞĐŝŽƵƐŵĞƚĂůƐƵƉƉŽƌƚĞĚĐĂƚĂůǇƐƚƐďǇy&^
s͘s͘<ƌŝǀĞŶƚƐŽǀ͕/͘͘ĞĐŬ͕/͘>͘^ŝŵĂŬŽǀĂ͕͘^ŝŵĂŬŽǀ͕͘^ŵŽůĞŶƚƐĞǀĂ͕͘E͘EŽǀŐŽƌŽĚŽǀ͕͘W͘zĂŬŝŵĐŚƵŬ͕
͘/͘<ŽĐŚƵďĞǇ͕͘W͘/ǀĂŶŽǀ͕͘s͘ŚŝƐƚǇĂŬŽǀ͕s͘s͘'ŵĂŬŝŶ͕D͘s͘dƐŽĚŝŬŽǀ͕:͘͘EĂǀŝŽ͕^͘'͘EŝŬŝƚĞŶŬŽ͕s͘/͘
ƵŬŚƚŝǇĂƌŽǀ
ϯϴͲy&^ƐƚƵĚǇŽĨWƚŶĂŶŽƉĂƚŝĐůĞƐůŽĐĂƚĞĚŽŶŽǆŝĚĞƐƵƉƉŽƌƚƐ
s͘s͘<ƌŝǀĞŶƚƐŽǀ͕/͘͘ĞĐŬ͕͘E͘EŽǀŐŽƌŽĚŽǀ͕͘W͘/ǀĂŶŽǀ͕͘W͘zĂŬŝŵĐŚƵŬ͕s͘/͘ƵŬŚƚŝǇĂƌŽǀ
ϯϵͲEŽŶͲĚĞƐƚƌƵĐƚŝǀĞĐŚĞŵŝĐĂůƐƉĞĐŝĂƚŝŽŶŽĨďƵƌŝĞĚŝŶƚĞƌĨĂĐĞƐ
ďǇ'/yZ&ͲEy&^
Z͘hŶƚĞƌƵŵƐďĞƌŐĞƌ͕͘WŽůůĂŬŽǁƐŬŝ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨĨ͕t͘ŶƐŝŶŐĞƌ͕W͘,ŽĨĨŵĂŶŶ͕d͘ĚůĞƌ͕ŶĚƌĞĂƐ
<ůĞŝŶ
>ŝĨĞƐĐŝĞŶĐĞƐĂŶĚĨŽƌĞŶƐŝĐƐ
ϰϬͲdƌĂĐĞĞůĞŵĞŶƚƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽŶĐůŽŶĞĚĂŶĚŶŽƌŵĂůďŽǀŝŶĞƉůĂĐĞŶƚĂƐƚƵĚŝĞĚďǇ
yZ&
^͘tŝůů͕Z͘ZŝĐŝ͕D͘͘DŝŐůŝŶŽ͕D͘>͘ĂƌǀĂůŚŽ͕͘ŶƚƵŶĞƐ
ϰϭͲdƌĂĐĞĞůĞŵĞŶƚƐĐŽŶĐĞŶƚƌĂƚŝŽŶŽŶůŝǀĞƌŽĨůĂŵďƐĐŽŶƚĂŵŝŶĂƚĞĚďǇĐŽƉƉĞƌ͗Ă
ƉƌĞůŝŵŝŶĂƌǇƐƚƵĚǇŽŶĐƵŵƵůĂƚŝǀĞĞĨĨĞĐƚƐ
Z͘tĞŝŐĞů͕D͘͘͘^ƵĐƵƉŝƌĂ͕͘^͘DŽƌŝ͕^͘tŝůů͕D͘>͘ĂƌǀĂůŚŽĂŶĚ͘ŶƚƵŶĞƐ
ϰϮͲdƌĂĐĞĞůĞŵĞŶƚƐĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽŶƐŚĞĞƉƉůĂĐĞŶƚĂƐƵƉƉůĞŵĞŶƚĞĚǁŝƚŚ͕͕
ŝŶũĞĐƚĂďůĞǀŝƚĂŵŝŶƐ͗ĂƉƌĞůŝŵŝŶĂƌǇƐƚƵĚǇ
D͘͘͘^ƵĐƵƉŝƌĂ͕Z͘tĞŝŐĞů͕W͘D͘EĂƐĐŝŵĞŶƚŽ͕D͘>͘ĂƌǀĂůŚŽ͕͘ŶƚƵŶĞƐ
ϰϯͲĂƚĂƌĂĐƚĂŶŝŶĞ͗ĂĚŝƐĐƵƐƐŝŽŶĂďŽƵƚƚƌĂĐĞĞůĞŵĞŶƚƐĐŽŶĐĞŶƚƌĂƚŝŽŶŽŶĨŝŶĂů
ŵĂƚƵƌĂƚŝŽŶƐƚĂŐĞƐ
W͘͘K͘͘:ĞǌůĞƌ͕͘D͘s͘^ĂĨĂƚůĞ͕W͘^͘D͘ĂƌƌŽƐ͕D͘>͘ĂƌǀĂůŚŽ͕͘ŶƚƵŶĞƐ
ϰϰͲ^ƚƵĚǇŽĨ'ƵŶͲ^ŚŽƚZĞƐŝĚƵĞďǇyZ&^ƉĞĐƚƌŽŵĞƚƌǇ
͘ŽůŽƌƚƵǇĂ͕W͘ƵǌĂĂŶ͕͘dƵǀƐŚŝŶͲƌĚĞŶĞ
KWWSH[UVILVXFSW
ϰϱͲWŽƚĞŶƚŝĂůĨĨĞĐƚƐŽĨ^ŽŵĞ&ƵŶĐƚŝŽŶĂů&ŽŽĚŝŶKǀŝŶĞƌĞĞĚŝŶŐ͗ŶĂůǇƐŝƐŽĨEƵƚƌŝƚŝŽŶͲ
ZĞůĞǀĂŶƚdƌĂĐĞůĞŵĞŶƚƐŝŶ^ŚĞĞƉ^ĞƌƵŵďǇdyZ&
͘>͘DŽƚĂ͕Z͘͘ĂƌƌŽƐŽ͕^͘͘ĂƌĚŽƐŽ͕>͘WĂƐĐŽůŽ͕͘^ƚĞĨĂŶŽŶ͕^͘^ŐŽƌůŽŶ͕͘^ĐĂŝŶŝ͕͘ƌĂǌ͕^͘DŽƌĞŝƌĂ
ϰϲͲǀĂůƵĂƚŝŽŶŽĨƚŚĞůĞǀĞůƐŽĨŵĞƚĂůƐŝŶŵŝĐĞǁŝƚŚƚƵŵŽƌŽĨtĂůŬĞƌͲϮϱϲƚŚƌŽƵŐŚƚŚĞ
ƚĞĐŚŶŝƋƵĞŽĨƉŽƌƚĂďůĞyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞ;WyZ&Ϳ
D͘ƐƚĞǀĂŵ͕͘Z͘ƉƉŽůŽŶŝ
ϰϳͲ>ĂďŽƌĂƚŽƌǇĂƐĞĚDŝĐƌŽͲyZ&/ŵĂŐŝŶŐŽĨWůĂŶƚ>ĞĂǀĞƐƌĞůĂƚĞĚƚŽZĞŵĞĚŝĂƚŝŽŶ
^ƚƵĚŝĞƐŝŶWŽƐƚͲDŝŶŝŶŐƌĞĂƐ
^͘^ŵŽůĞŬ͕͘DĂƌŐƵş͕W͘<ƌĞŐƐĂŵĞƌ͕/͘YƵĞƌĂůƚ͕͘^ƚƌĞůŝ
ϰϴͲ^ƉĞĐŝĂƚŝŽŶŽĨWďĂƚƚŚĞdŝĚĞŵĂƌŬŽĨƌƚŝĐƵůĂƌĂƌƚŝůĂŐĞĂŶĚŝŶdƌĂďĞĐƵůĂƌŽŶĞ
&͘DĞŝƌĞƌ͕͘WĞŵŵĞƌ͕E͘ŽĞŐĞƌ͕͘^ƚƌĞůŝ͕:͘'ŽĞƚƚůŝĐŚĞƌ͕Z͘^ƚĞŝŶŝŶŐĞƌ͕^͘DĂŶŐŽůĚ͕͘dĂŵƉŝĞƌŝ͕^͘^ƉƌŝŽ͕
'͘WĞƉƉŽŶŝ͕:͘'͘,ŽĨƐƚĂĞƚƚĞƌ͕W͘ZŽƐĐŚŐĞƌ͕<͘<ůĂƵƐŚŽĨĞƌ
ϰϵͲ>ĞǀĞůƐĂŶĚ^ƉĂƚŝĂůŝƐƚƌŝďƵƚŝŽŶŽĨdƌĂĐĞůĞŵĞŶƚƐŝŶŽŶĞ&ŽůůŽǁŝŶŐ^ƚƌŽŶƚŝƵŵ
dƌĞĂƚŵĞŶƚŝŶĂůĐŝƵŵĞĨŝĐŝĞŶƚZĂƚƐ
&͘DĞŝƌĞƌ͕:͘'͘,ŽĨƐƚĂĞƚƚĞƌ͕^͘^ŵŽůĞŬ͕͘WĞŵŵĞƌ͕W͘tŽďƌĂƵƐĐŚĞŬ͕Z͘^ŝŵŽŶ͕Z͘<͘&ƵĐŚƐ͕D͘Z͘ůůĞŶ͕<͘
t͘ŽŶĚŽŶ͕^͘ZĞŝŶǁĂůĚ͕͘DĐůĞŶĂƚŚĂŶ͕͘<ĞĐŬ͕Z͘:͘WŚŝƉƉƐ͕͘͘Ƶƌƌ͕W͘ZŽƐĐŚŐĞƌ͕͘WĂƐĐŚĂůŝƐ͕<͘
<ůĂƵƐŚŽĨĞƌ͕͘^ƚƌĞůŝ
ϱϬͲ^ƚƵĚǇŽĨĂŐĞĚĞƉĞŶĚĞŶĐǇŝŶůĞĂĚĂĐĐƵŵƵůĂƚŝŽŶĂŶĚĞǆĐƌĞƚŝŽŶŝŶĂŐƌŽƵƉŽĨtŝƐƚĂƌ
ƌĂƚƐďǇyZ&
͘'ƵŝŵĂƌĆĞƐ͕D͘>͘ĂƌǀĂůŚŽ͕s͘'ĞƌĂůĚĞƐ͕/͘ZŽĐŚĂ͕:͘W͘^ĂŶƚŽƐ
ϱϭͲyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůǇƐŝƐŝŶƵŶŝƋƵĞŵĞĂƐƵƌŝŶŐƐĞƚͲƵƉ
/͘^ǌĂůſŬŝ͕d͘WŝŶƚĠƌ͕Z͘d͘DĂŝŶĂƌĚŝ͕͘ŽŶǌŝ
ϱϮͲ/ŶŽƌŐĂŶŝĐĞůĞŵĞŶƚƐĚĞƚĞƌŵŝŶĂƚŝŽŶŝŶůĂďŽƌĂƚŽƌǇĂŶŝŵĂůƐǁŚŽůĞďůŽŽĚƐĂŵƉůĞƐďǇ
yZ&ƚĞĐŚŶŝƋƵĞ
D͘D͘ZĞĚşŐŽůŽ͕Z͘ŐƵŝĂƌ͕͘͘ĂŵďŽŶŝ͕s͘>͘Z͘^ĂůǀĂĚŽƌ͕/͘D͘^ĂƚŽ
ϱϯͲŽŵďŝŶĂƚŝŽŶŽĨdŽƚĂůZĞĨůĞĐƚŝŽŶyͲZĂǇ^ƉĞĐƚƌŽŵĞƚƌǇĂŶĚŚĞŵŽŵĞƚƌǇĨŽƌ
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨŽƚĂŶŝĐĂůĂŶĚ'ĞŽŐƌĂƉŚŝĐĂůKƌŝŐŝŶŽĨ^ůŽǀĞŶŝĂŶ,ŽŶĞǇ
DĂƌŝũĂŶEĞēĞŵĞƌ͕WĞƚĞƌ<ƵŵƉ
ϱϰͲƐĞĐŽŶĚŐĞŶĞƌĂƚŝŽŶyͲZĂǇ&ůƵŽƌĞƐĐĞŶĐĞďĂƐĞĚĚŝĂŐŶŽƐƚŝĐƚŽŽůĨŽƌƚŚĞ
ŵĞĂƐƵƌĞŵĞŶƚŽĨƐƚƌŽŶƚŝƵŵƐƚŽƌĞĚŝŶŚƵŵĂŶďŽŶĞ
D͘^ŝďĂŝ͕͘WĞũŽǀŝĐͲDŝůŝĐ͕͘ŚĞƚƚůĞ͕͘ĞƐŽƵǌĂ
ϱϱͲǀĂůƵĂƚŝŽŶŽĨĞůĞŵĞŶƚĂůďŝŽĂǀĂŝůĂďŝůŝƚǇŝŶĐŽŽŬĞĚƐĞĂĨŽŽĚƵƐŝŶŐyZ&ĂŶĚ^
W͘ŶĂĐůĞƚŽ͕͘>͘DĂƵůǀĂƵůƚ͕͘ŵĂƌĂů͕͘DĂƌƋƵĞƐ͕,͘D͘>ŽƵƌĞŶĕŽ͕D͘>͘EƵŶĞƐ͕D͘>͘ĂƌǀĂůŚŽ
ϱϲͲ>ŽĐĂůŝǌĂƚŝŽŶŽĨĂůƵŵŝŶŝƵŵŝŶƚĞĂ;ĂŵĞůůŝĂƐŝŶĞŶƐŝƐͿůĞĂǀĞƐƵƐŝŶŐůŽǁĞŶĞƌŐǇyͲƌĂǇ
ĨůƵŽƌĞƐĐĞŶĐĞƐƉĞĐƚƌŽͲŵŝĐƌŽƐĐŽƉǇ
Z͘dŽůƌă͕<͘sŽŐĞůͲDŝŬƵƓ͕Z͘,ĂũŝďŽůĂŶĚ͕W͘<ƵŵƉ͕W͘WŽŶŐƌĂĐ͕͘<ĂƵůŝĐŚ͕͘'ŝĂŶŽŶĐĞůůŝ͕s͘ĂďŝŶ͕:͘
ĂƌĐĞůſ͕D͘ZĞŐǀĂƌ͕͘WŽƐĐŚĞŶƌŝĞĚĞƌ
ϱϳͲsŝďƌŝŽŚĂƌǀĞǇŝďĂĐƚĞƌŝĂƵŶĚĞƌyͲƌĂǇŝƌƌĂĚŝĂƚŝŽŶ
s͘EĂƐƐŝƐŝ͕W͘ůŝĨĂŶŽ͕'͘ƵĐĐŽůŝĞƌŝ͕͘dĂůă͕D͘dƌĞĚŝĐŝ͕D͘s͘^ŝĐŝůŝĂŶŽ͕>͘sĞůĂƌĚŝ
KWWSH[UVILVXFSW
dh^zͲ:hEϮϮ͕ϮϬϭϬ
^ĞƐƐŝŽŶϱ͗/ŶƚĞƌĂĐƚŝŽŶƐŽĨyͲ
ƌĂǇƐǁŝƚŚŵĂƚƚĞƌĂŶĚ
ĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŵĞƚĞƌƐ
^ĞƐƐŝŽŶϲ͗yͲƌĂǇŝŵĂŐŝŶŐĂŶĚ
ƚŽŵŽŐƌĂƉŚǇ;ĐŽŶƚ͛ĚͿ
;ĐŽŶƚ͛ĚͿ
ZŽŽŵ'ͲŚĂŝƌ͗:ŽƌŐĞ&ĞƌŶĂŶĚĞǌ
ZŽŽŵ^ͲŚĂŝƌ͗ ŝƌŐŝƚ<ĂŶŶŐŝĞƘĞƌ
Ϭϴ͗ϯϬʹϬϴ͗ϱϬ
Ϭϴ͗ϯϬʹϬϴ͗ϱϬ
ĂƵĐŚŽŝƐΘ^ĠŶĠŵĂƵĚdĂďůĞƐŽĨǆͲƌĂǇ
ǁĂǀĞůĞŶŐƚŚƐĂŶĚĂďƐŽƌƉƚŝŽŶĞĚŐĞƐ
yͲƌĂǇDŝĐƌŽƐƉĞĐƚƌŽƐĐŽƉŝĐ/ŵĂŐŝŶŐĂŶĚ
>ĂƐĞƌďůĂƚŝŽŶ/ŶĚƵĐƚŝǀĞůǇŽƵƉůĞĚ
WůĂƐŵĂDĂƐƐ^ƉĞĐƚƌŽŵĞƚƌǇĨŽƌ
DĞƚĂůŶĂůǇƐŝƐŝŶŝŽůŽŐŝĐĂůDŽĚĞů
KƌŐĂŶŝƐŵƐ
W͘:ŽŶŶĂƌĚ͕͘ŽŶŶĞůůĞ
͘Ğ^ĂŵďĞƌ͕d͘^ĐŚŽŽŶũĂŶƐ͕͘sĞŬĞŵĂŶƐ͕'͘
^ŝůǀĞƌƐŵŝƚ͕͘'ŚŽůĂƉ͕͘/ǌŵĞƌ͕Z͘ǀĞŶƐ͕<͘Ğ
^ĐŚĂŵƉŚĞůĂĞƌĞ͕>͘sĂŶ,ŽŽƌĞďĞŬĞ͕͘:ĂŶƐƐĞŶ͕
&͘sĂŶŚĂĞĐŬĞ͕>͘sŝŶĐǌĞ
Ϭϴ͗ϱϬʹϬϵ͗ϭϬ
Ϭϴ͗ϱϬʹϬϵ͗ϭϬ
ĂƐĐĂĚĞĞŶŚĂŶĐĞŵĞŶƚŽŶƚŚĞ&Ğ>ͲƐŚĞůů
ǆͲƌĂǇĞŵŝƐƐŝŽŶĂƐŝŶĐŝĚĞŶƚǆͲƌĂǇƉŚŽƚŽŶƐ
ĂƌĞƚƵŶĞĚĂĐƌŽƐƐϭƐŝŽŶŝǌĂƚŝŽŶƚŚƌĞƐŚŽůĚ
yZ&ŵŝĐƌŽƚŽŵŽŐƌĂƉŚǇĂŶĚĐŽŶĨŽĐĂů
ŝŵĂŐŝŶŐĨŽƌƚŚĞϮͬϯĚĞƚĞƌŵŝŶĂƚŝŽŶ
ŽĨƚŽǆŝĐĞůĞŵĞŶƚƐŝŶďŝŽůŽŐŝĐĂůƐĂŵƉůĞƐ
͘^ŽŬĂƌĂƐ͕͘'͘<ŽĐŚƵƌ͕D͘DƺůůĞƌ͕D͘<ŽůďĞ͕͘
ĞĐŬŚŽĨĨ͕D͘DĂŶƚůĞƌ͕Ś͘ĂƌŬĂĚĂƐ͕D͘
ŶĚƌŝĂŶŝƐ͕͘>ĂŐŽǇĂŶŶŝƐ͕͘'͘<ĂƌǇĚĂƐ
/͘^ǌĂůſŬŝ͕͘Ğ^ĂŵďĞƌ͕d͘^ĐŚŽŽŶũĂŶƐ͕͘
sĞŬĞŵĂŶƐ͕s͘ǌŚĞĐŚ͕'Ǉ͘ĄƌĂǇ͕>͘sŝŶĐǌĞ
Ϭϵ͗ϭϬʹϬϵ͗ϯϬ
Ϭϵ͗ϭϬʹϬϵ͗ϯϬ
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨ>ͲƐƵďƐŚĞůůŽƐƚĞƌͲ
<ƌŽŶŝŐƉƌŽďĂďŝůŝƚŝĞƐĂŶĚ>ͲƐƵďƐŚĞůů
&ůƵŽƌĞƐĐĞŶĐĞzŝĞůĚƐŽĨŚŝŐŚĞůĞŵĞŶƚƐ
ǁŝƚŚĂƌĞůŝĂďůĞƵŶĐĞƌƚĂŝŶƚǇďƵĚŐĞƚ
ŽŶĞŵŝĐƌŽĂƌĐŚŝƚĞĐƚƵƌĞŝŶǀĞƐƚŝŐĂƚŝŽŶŝŶ
ƐƚƌŽŶƚŝƵŵƌĂŶĞůĂƚĞƉƌŽƚŽĐŽů
/͘>ŝŵĂ͕W͘dĂĂŵ͕s͘ĚĂŽƐƚĂ͕D͘>͘&͘&ůĞŝƵƐƐ͕͘
ZŽƐĞŶƚŚĂů͕:͘d͘ĚĞƐƐŝƐ͕&͘sŝĚĂů͕Z͘d͘>ŽƉĞƐ
D͘<ŽůďĞ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨĨ
Ϭϵ͗ϯϬʹϬϵ͗ϱϬ
Ϭϵ͗ϯϬʹϬϵ͗ϱϬ
ǆƉĞƌŝŵĞŶƚĂůŵĞĂƐƵƌĞŵĞŶƚƐŽĨŵĂƐƐ
ĂƚƚĞŶƵĂƚŝŽŶĐŽĞĨĨŝĐŝĞŶƚƐ͕ĨůƵŽƌĞƐĐĞŶĐĞ
ǇŝĞůĚƐƵƐŝŶŐƚƵŶĂďůĞŵŽŶŽĐŚƌŽŵĂƚŝĐ
ƐŽƵƌĐĞƐ
ϯůĞŵĞŶƚĂůŝƐƚƌŝďƵƚŝŽŶ/ŵĂŐĞƐďǇ
yZ&ʅd
'͘Z͘WĞƌĞŝƌĂ͕,͘^͘ZŽĐŚĂ͕͘ĂůǌĂ͕/͘>ŝŵĂ͕D͘:͘
ŶũŽƐ͕͘WĠƌĞǌ͕Z͘d͘>ŽƉĞƐ
z͘DĠŶĞƐŐƵĞŶ͕D͘Ͳ͘>ĠƉǇ
KWWSH[UVILVXFSW
Ϭϵ͗ϱϬʹϭϬ͗ϭϬ
Ϭϵ͗ϱϬʹϭϬ͗ϭϬ
ŚĂŶŐĞƐŝŶŶĞǁďŽƌŶƌĂƚƐ͛ďŽŶĞ
ĐŽŵƉŽŶĞŶƚƐĂĨƚĞƌŵĂƚĞƌŶĂůƚƌĞĂƚŵĞŶƚ
ǁŝƚŚǌŝĚŽǀƵĚŝŶĞʹyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞ
ĂŶĂůǇƐŝƐ
^ǇŶĐŚƌŽƚƌŽŶyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞŵŝĐƌŽͲ
ƐƉĞĐƚƌŽƐĐŽƉǇĂůůŽǁƐƚƌĂĐŝŶŐĂƐďĞƐƚŽƐ
ďŽĚŝĞƐŝŶŚŝƐƚŽůŽŐŝĐĂůůƵŶŐƐĂŵƉůĞƐĂŶĚ
ŝŶǀĞƐƚŝŐĂƚŝŶŐĨŽƌŵĂƚŝŽŶŵĞĐŚĂŶŝƐŵƐ
͘ƌǌĂǌŐĂ͕<͘DĂĐŝĞũĞǁƐŬĂ͕<͘DŝĐŚĂůŝŬ͕,͘
dƌǌĞĐŝĂŬ
>͘WĂƐĐŽůŽ͕͘'ŝĂŶŽŶĐĞůůŝ͕͘<ĂƵůŝĐŚ͕͘
ZŝǌǌĂƌĚŝ͕D͘^ĐŚŶĞŝĚĞƌ͕͘ŽƚƚŝŶ͕D͘
WŽůĞŶƚĂƌƵƚƚŝ͕D͘<ŝƐŬŝŶŽǀĂ͕͘>ŽŶŐŽŶŝ͕Z͘
ůďĞƌƚŝ͕d͘&ƌŝǌǌŝ͕D͘DĞůĂƚŽ
ϭϬ͗ϭϬͲϭϬ͗ϰϬŽĨĨĞĞƌĞĂŬ
ϭϬ͗ϭϬͲϭϬ͗ϰϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗ŚƌŝƐƚŝŶĂ^ƚƌĞůŝ
ZŽŽŵ^ͲŚĂŝƌ͗WĞƚĞƌ<ƵŵƉ
dŚĞǆƌĂǇůŝďůŝďƌĂƌǇĨŽƌyͲƌĂǇŵĂƚƚĞƌ
ŝŶƚĞƌĂĐƚŝŽŶĐƌŽƐƐƐĞĐƚŝŽŶƐ͗EĞǁ
ĚĞǀĞůŽƉŵĞŶƚƐ
,ŝŐŚ^ƉĞĞĚĂŶĚsĞƌǇ>ĂƌŐĞƉŶƐĨŽƌ
yͲƌĂǇ/ŵĂŐŝŶŐ
d͘^ĐŚŽŽŶũĂŶƐ͕D͘^ĂŶĐŚĞǌĚĞůZŝŽ͕͘ƌƵŶĞƚƚŝ͕
͘'ŽůŽƐŝŽ͕͘^ŝŵŝŽŶŽǀŝĐŝ͕͘&ĞƌƌĞƌŽ͕>͘sŝŶĐǌĞ
,͘^ŽůƚĂƵ͕Z͘ĐŬŚĂƌĚƚ͕Z͘,ĂƌƚŵĂŶŶ͕W͘,Žůů͕
^͘/ŚůĞ͕D͘>ĂŶŐ͕͘dŚĂŵŵ͕͘>ŝĞďĞů͕͘EŝĐƵůĂĞ͕
'͘^ĐŚĂůůĞƌ͕&͘^ĐŚŽƉƉĞƌ͕E͘>ĂŶŐŚŽĨĨ͕>͘^ƚƌƺĚĞƌ
ϭϭ͗ϬϬʹϭϭ͗ϮϬ
ϭϭ͗ϬϬʹϭϭ͗ϮϬ
ŚĂůůĞŶŐĞƐĨŽƌĂŶĐĐƵƌĂƚĞZĞĨĞƌĞŶĐĞͲ
&ƌĞĞYƵĂŶƚŝƚĂƚŝǀĞŶĂůǇƐŝƐǁŝƚŚђͲyZ&Ăƚ
Ă^Dͬ^
&ŽƵƌŝĞƌdƌĂŶƐĨŽƌŵ^ƉĞĐƚƌĂů/ŵĂŐĞƌŝŶ
^ŽĨƚyͲƌĂǇZĞŐŝŽŶ
s͘Ͳ͘,ŽĚŽƌŽĂďĂ͕s͘ZĂĐŬǁŝƚǌ͕͘ZĞƵƚĞƌ
:͘͘tŝůĐŽǆ͕s͘tŚŝƚĞ͕<͘^ŚĐŚĞŐůŽǀ͕Z͘
<ŽǁĂůĐǌǇŬ
ϭϭ͗ϮϬʹϭϭ͗ϰϬ
ϭϭ͗ϮϬʹϭϭ͗ϰϬ
ĐƌŝƚŝĐĂůĂŶĂůǇƐŝƐŽĨƚŚĞĞǆƉĞƌŝŵĞŶƚĂů
ŽƐƚĞƌͲ<ƌŽŶŝŐĂŶĚĨůƵŽƌĞƐĐĞŶĐĞǇŝĞůĚƐ
ĚĂƚĂ
KďƚĂŝŶŝŶŐŐƌĞĂƚĂƌĞĂyZ&ŝŵĂŐĞƐŽĨ
ĚŝǀĞƌƐĞƐŚĂƉĞƐĂŵƉůĞƐ
d͘WĂƉƉ
Z͘'͘&ŝŐƵĞƌŽĂ͕͘>ŽǌĂŶŽ͕͘ůĐĂŵĄŶ͕&͘
ĞůŵĂƌ͕͘ǀŽŶŽŚůĞŶ
ϭϭ͗ϰϬʹϭϮ͗ϬϬ
ϭϭ͗ϰϬʹϭϮ͗ϬϬ
DŽĚĞůůŝŶŐŽĨyͲZĂǇ^ĐĂƚƚĞƌŝŶŐĨŽƌ
ŝŵƉƌŽǀĞĚyͲZĂǇ&ůƵŽƌĞƐĐĞŶĐĞŶĂůǇƐŝƐʹ
yͲZĂǇdƵďĞǆĐŝƚĂƚŝŽŶ
&ŝƌƐƚŝŵĂŐĞƐŽĨĂĐŽůŽƵƌyͲƌĂǇĐĂŵĞƌĂ͕Ă
ĚĞƚĞĐƚŽƌǁŝƚŚŚŝŐŚƌĞƐŽůƵƚŝŽŶŝŶĞŶĞƌŐǇ
ĂŶĚƐƉĂĐĞ
͘ZĞƵƚĞƌ͕D͘ZĂĚƚŬĞ͕>͘sŝŶĐǌĞ͕s͘Ͳ͘,ŽĚŽƌŽĂďĂ
K͘^ĐŚĂƌĨ͕^͘ũĞŽƵŵŝŬŽǀĂ͕,͘^ŽůƚĂƵ
ϭϮ͗ϬϬʹϭϯ͗ϯϬ>ƵŶĐŚ
ϭϮ͗ϬϬʹϭϯ͗ϯϬ>ƵŶĐŚ
KWWSH[UVILVXFSW
^ĞƐƐŝŽŶϳ͗ZĞĐĞŶƚ^ĐŝĞŶƚŝĨŝĐ
ĞǀĞůŽƉŵĞŶƚƐďǇyZ^
/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
DĂŶƵĨĂĐƚƵƌĞƌƐ
^ĞƐƐŝŽŶϴ͗^ǇŶĐŚƌŽƚƌŽŶyZ^͖
W/yĂŶĚĞůĞĐƚƌŽŶŝŶĚƵĐĞĚ
yZ^͖tyZ^
ZŽŽŵ'ͲŚĂŝƌ͗ƌƵŶŽsƌĞďŽƐ
ZŽŽŵ^ͲŚĂŝƌ͗ƵƌŬŚĂƌĚĞĐŬŚŽĨĨ
ϭϯ͗ϯϬʹϭϯ͗ϰϬ
ϭϯ͗ϯϬʹϭϰ͗ϬϬ
ĞŶĞĨŝƚƐŽĨhƐŝŶŐŝŐŝƚĂůĚĂƉƚŝǀĞ
&ŝůƚĞƌŝŶŐŝŶ&ĂƐƚWƵůƐĞWƌŽĐĞƐƐŝŶŐ
'ĞŽƌŐŝ'ĞŽƌŐŝĞǀ;/EZEͿ͕/ǀĂǇůŽWĞĞǀ;/EZEͿ͕
<ƌ͘'ŝŐŽǀ;/EZEͿ
/Es/d>dhZ͗
^ǇŶĐŚƌŽƚƌŽŶƌĂĚŝĂƚŝŽŶďĂƐĞĚŚŝŐŚͲ
ƌĞƐŽůƵƚŝŽŶǆͲƌĂǇĞŵŝƐƐŝŽŶƐƉĞĐƚƌŽƐĐŽƉǇ͗
ŵĞƚŚŽĚŽůŽŐǇĂŶĚĂƉƉůŝĐĂƚŝŽŶƚŽ&WyZ^
;dŽŝǀĞů>ƚĚ͘Ϳ
DĂƚƚŚŝĂƐDƺůůĞƌ
;WŚǇƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞƵŶĚĞƐĂŶƐƚĂůƚͿ
ϭϯ͗ϰϬʹϭϯ͗ϱϬ
dŚĞŽƌŝŐŝŶŽĨǆͲƌĂǇƐƉĞĐƚƌĂŵĞĂƐƵƌĞĚ
ǁŝƚŚĞŶĞƌŐǇĚŝƐƉĞƌƐŝǀĞĚĞƚĞĐƚŽƌƐ
d͘WĂƉƉĂŶĚ:͘͘DĂǆǁĞůů
;ĂŵďƌŝĚŐĞ^ĐŝĞŶƚŝĨŝĐŽƌƉ͘Ϳ
ϭϯ͗ϱϬʹϭϰ͗ϬϬ
/ŵƉƌŽǀĞĚ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌƐĨŽƌ
yZ&
Z͘,͘ZĞĚƵƐ͕͘,ƵďĞƌ͕:͘WĂŶƚĂǌŝƐ͕d͘WĂŶƚĂǌŝƐ
;ŵƉƚĞŬ͕/ŶĐ͘Ϳ
ϭϰ͗ϬϬʹϭϰ͗ϭϬ
ϭϰ͗ϬϬʹϭϰ͗ϮϬ
ZŝŐĂŬƵƉƌŽǀŝĚĞƐĂŶĞǆƚĞŶƐŝǀĞƌĂŶŐĞŽĨ
ƉƌŽĚƵĐƚůŝŶĞŝŶtͲyZ&ĨŽƌǇŽƵƌ
ƐŽůƵƚŝŽŶƐ
^ƵďŵŝĐƌŽŶyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞŝŵĂŐŝŶŐ
ŽŶƵŶŝƋƵĞĐŽŵĞƚĂƌǇŵĂƚƚĞƌƌĞƚƵƌŶĞĚďǇ
E^͛Ɛ^ƚĂƌĚƵƐƚŵŝƐƐŝŽŶ
<͘<ĂŶƐĂŝ͕͘/ǁĂƚĂ͕ĂŶĚz͘<ĂƚĂŽŬĂ
>͘sŝŶĐǌĞ͕͘sĞŬĞŵĂŶƐ͕'͘^ŝůǀĞƌƐŵŝƚ͕d͘
^ĐŚŽŽŶũĂŶƐ͕^͘^ĐŚŵŝƚǌ͕D͘ƵƌŐŚĂŵŵĞƌ͕͘
ZŝĞŬĞů͕^͘^ĐŚƂĚĞƌ͕&͘ƌĞŶŬĞƌ
;ZŝŐĂŬƵŽƌƉŽƌĂƚŝŽŶͿ
ϭϰ͗ϭϬʹϭϰ͗ϮϬ
y/ΖƐEĞǁyWDĞƌĐƵƌǇĞŶĐŚͲƚŽƉ
ŝŐŝƚĂůyͲƌĂǇ^ƉĞĐƚƌŽŵĞƚĞƌƐ
WĞƚĞƌ'ƌƵĚďĞƌŐ͕:ĂĐŬ,ĂƌƌŝƐ͕ŚƌŝƐƚŽƉŚĞƌŽǆ͕
:ĂŵĞƐ,ĞŝŶŵŝůůĞƌ
;y/>>Ϳ
KWWSH[UVILVXFSW
ϭϰ͗ϮϬʹϭϰ͗ϯϬ
ϭϰ͗ϮϬʹϭϰ͗ϰϬ
ŽƌƉŽƌĂƚŝŽŶ^ĐŝĞŶƚŝĨŝƋƵĞůĂŝƐƐĞ
/ŶŶŽǀĂƚŝŽŶ>ĞĂĚƐƚŽEĞǁ^ƚĂŶĚĂƌĚƐŝŶ
^ĂŵƉůĞWƌĞƉĂƌĂƚŝŽŶďǇŽƌĂƚĞ&ƵƐŝŽŶ͗
dŚĞKǆ͕WŽǁĞƌĨƵůDƵůƚŝͲƉŽƐŝƚŝŽŶůĞĐƚƌŝĐ
&ůƵǆĞƌ
WŝůŽƚƐƚƵĚŝĞƐŽĨůĞǀĞůƐ͕ƐƉĞĐŝĂƚŝŽŶĂŶĚ
ĐŚĞŵŝĐĂůĞŶǀŝƌŽŶŵĞŶƚƐŽĨŝƌŽŶĂŶĚǌŝŶĐ
ŝŶďƌĂŝŶĐĂŶĐĞƌƐ
^͘ZŝǀĂƌĚ
D͘^ǌĐǌĞƌďŽǁƐŬĂͲŽƌƵĐŚŽǁƐŬĂ͕͘tĂŶĚǌŝůĂŬ͕
D͘ǌǇǌǇĐŬŝ͕W͘tƌŽďĞů͕͘ĚĂŵĞŬ͕͘
ZĂĚǁĂŶƐŬĂ͕<͘ZŝĐŬĞƌƐ͕͘ĂũĂĐ͕D͘>ĂŶŬŽƐǌ
;ŽƌƉŽƌĂƚŝŽŶ^ĐŝĞŶƚŝĨŝƋƵĞůĂŝƐƐĞͿ
ϭϰ͗ϯϬʹϭϰ͗ϰϬ
ϱϬǇĞĂƌƐŽĨĞǆĐĞůůĞŶĐĞĂŶĚŬŶŽǁůĞĚŐĞ
ĨŽƌŽƵƌĐƵƐƚŽŵĞƌƐ
:͘WƵũŽů
;&/^,ZŝŶƐƚƌƵŵĞŶƚƐ^͘͘Ϳ
ϭϰ͗ϰϬʹϭϰ͗ϱϬ
ϭϰ͗ϰϬʹϭϱ͗ϬϬ
EĂŶŽDĂƐƚĞƌͲƚŚĞƚŽŽůĨŽƌĂĚǀĂŶĐĞĚyZ&
ĂŶĂůǇƐŝƐ
ƉƉůŝĐĂƚŝŽŶŽĨǁĂǀĞůĞŶŐƚŚĚŝƐƉĞƌƐŝǀĞǆͲ
ƌĂǇƐƉĞĐƚƌŽƐĐŽƉǇƚŽŝŵƉƌŽǀĞĚĞƚĞĐƚŝŽŶ
ůŝŵŝƚƐŝŶǆͲƌĂǇĂŶĂůǇƐŝƐ
Z͘^ŝŶŐĞƌ͕:͘ƐĐŚĞŶĂƵĞƌ͕ĂŶĚD͘ĐŬŚĂƌĚƚ
;ZKE>zd/'ŵď,Ϳ
D͘<Ăǀēŝē͕:͘^ǌůĂĐŚĞƚŬŽ
ϭϰ͗ϱϬʹϭϱ͗ϬϬ
ZĞĐĞŶƚŝŵƉƌŽǀĞŵĞŶƚƐŝŶ^ŝůŝĐŽŶƌŝĨƚ
ĞƚĞĐƚŽƌ;^ͿƚĞĐŚŶŽůŽŐǇ
Z͘dĞƌďŽƌŐ
;ƌƵŬĞƌEĂŶŽ'ŵď,Ϳ
ϭϱ͗ϬϬʹϭϱ͗ϭϬ
^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌ^ƉĞĐƚƌŽŵĞƚĞƌƐĨŽƌ
,ŝŐŚŽƵŶƚZĂƚĞyZ&ƉƉůŝĐĂƚŝŽŶƐ
EĂŶŽŵĞƚĞƌZĞƐŽůƵƚŝŽŶŽŶĂ
&ĞŵƚŽƐĞĐŽŶĚdŝŵĞƐĐĂůĞʹ&ŝƌƐƚ
ǆƉĞƌŝŵĞŶƚƐǁŝƚŚƉŶƐĨŽƌ,ŝŐŚ
^ƉĞĞĚyͲƌĂǇ/ŵĂŐŝŶŐĂŶĚ^ƉĞĐƚƌŽƐĐŽƉǇ
Ăƚ>>^
'͘DǇĞƌƐ
;^//EĂŶŽdĞĐŚŶŽůŽŐǇh^/ŶĐ͘Ϳ
>͘^ƚƌƺĚĞƌ͕,͘^ŽůƚĂƵ͕Z͘,ĂƌƚŵĂŶŶ͕W͘,Žůů͕͘
ZĞŝĐŚ͕E͘<ŝŵŵĞů͕'͘,ĂƵƐĞƌ
ϭϱ͗ϭϬʹϭϱ͗ϮϬ
ŽŵƉĂŶǇĂŶĚWƌŽĚƵĐƚWƌŽĨŝůĞʹ
WE^ĞŶƐŽƌ'ŵď,
,͘^ŽůƚĂƵ͕͘EŝĐƵůĂĞ͕'͘>Ƶƚǌ͕W͘>ĞĐŚŶĞƌ͕͘ĞĐŚƚĞůĞƌ͕
Z͘ĐŬŚĂƌĚƚ͕<͘,ĞƌŵĞŶĂƵ͕^͘:ĞƐĐŚŬĞ͕D͘^ĐŚƵůǌĞ
KWWSH[UVILVXFSW
ϭϱ͗ϮϬʹϭϱ͗ϯϬ
ŽŵƉĂŶǇĂŶĚWƌŽĚƵĐƚWƌŽĨŝůĞʹ
WEĞƚĞĐƚŽƌ'ŵď,
ŶĞǁĨĂĐŝůŝƚǇĨŽƌŚŝŐŚĞŶĞƌŐǇW/yĂŶĚ
ƐŽŵĞĂƉƉůŝĐĂƚŝŽŶƐ
͘EŝĐƵůĂĞ͕,͘^ŽůƚĂƵ͕͘^ŝŵƐĞŬ͕͘>ŝĞďĞů͕K͘
:ĂƌŝƚƐĐŚŝŶ͕D͘^ĐŚƵůǌĞ
͘<ŽƵŵĞŝƌ͕&͘,ĂĚĚĂĚ͕s͘DĞƚŝǀŝĞƌ
͘dŝƚǌĞ͕D͘<ƵĨŶĞƌ͕h͘tĞďĞƌ
;WEĞƚĞĐƚŽƌ'ŵď,Ϳ
ϭϱ͗ϯϬʹϭϱ͗ϰϬ
ͲyZ&ĂŶĂůǇƐŝƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŽƌŝŐŝŶ
ĂŶĚĂƵƚŚĞŶƚŝĐŝƚǇŽĨŐĞŵƐƚŽŶĞƐ
W͘>ĞŵďĞƌŐĞ͕͘ŽŶǀŝŶ͕&͘,ĞƌǌŽŐĂŶĚD͘^͘
<ƌǌĞŵŶŝĐŬŝ
;dŚĞƌŵŽ&ŝƐŚĞƌ^ĐŝĞŶƚŝĨŝĐ͕/ŶĐ͘Ϳ
ϭϱ͗ϰϬʹϭϲ͗ϭϬŽĨĨĞĞƌĞĂŬ
ϭϱ͗ϰϬʹϭϲ͗ϭϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗ƌƵŶŽsƌĞďŽƐ
ZŽŽŵ'ͲŚĂŝƌ͗ƵƌŬŚĂƌĚĞĐŬŚŽĨĨ
ϭϲ͗ϭϬʹϭϲ͗ϮϬ
ϭϲ͗ϭϬʹϭϲ͗ϯϬ
ĚǀĂŶĐĞĚyͲZĂǇKƉƚŝĐƐŝŶyͲZĂǇ
&ůƵŽƌĞƐĐĞŶĐĞŶĂůǇƐŝƐʹdŚĞEĞǁdŽŽůƐ
ŝŶKůĚDĞƚŚŽĚƐ
EĞǁŵĞĂƐƵƌĞŵĞŶƚƐŽĨƚŚĞƐƵƌĨĂĐĞ
ŝŽŶŝǌĂƚŝŽŶĨŽƌĞůĞĐƚƌŽŶ
ƉƌŽďĞŵŝĐƌŽĂŶĂůǇƐŝƐ
E͘'ĂŽ͕^͘<ĂŵƚĞŬĂƌ͕D͘ƵƐĂĐŬ͕ĂŶĚ͘'ŝďƐŽŶ
y͘>ůŽǀĞƚĂŶĚ͘DĞƌůĞƚ
;yͲƌĂǇKƉƚŝĐĂů^ǇƐƚĞŵƐ͕/ŶĐ͘Ϳ
ϭϲ͗ϮϬʹϭϲ͗ϯϬ
DŽǆƚĞŬͲ/ŶŶŽǀĂƚŝŶŐ^ŽůƵƚŝŽŶƐĨŽƌyͲƌĂǇƐ
<͘<ŽǌĂĐǌĞŬ
;DKyd<͕/ŶĐ͘Ϳ
ϭϲ͗ϯϬʹϭϲ͗ϰϬ
,ŝŐŚůŝŐŚƚƐŽĨWEĂůǇƚŝĐĂůΖƐyZ&
ŝŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
ƚŵŽƐƉŚĞƌŝĐůĞĐƚƌŽŶyͲZĂǇ
^ƉĞĐƚƌŽŵĞƚĞƌ;y^ͿĨŽƌŝŶƐŝƚƵ
ůĞŵĞŶƚĂůŶĂůǇƐŝƐ
͘sƌĞďŽƐ
;WEĂůǇƚŝĐĂů͘s͘Ϳ
:͘͘tŝůĐŽǆ͕͘hƌŐŝůĞƐ͕Z͘dŽĚĂ͕:͘ƌŝƐƉ
ϭϲ͗ϰϬʹϭϲ͗ϱϬ
<d<ͲƌŽĂĚĞŶĞĚWŽƌƚĨŽůŝŽŽĨ,ŝŐŚ
ŶĞƌŐǇZĞƐŽůƵƚŝŽŶ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌƐ
ĂŶĚyZ&ͲĐƋƵŝƐŝƚŝŽŶ^ǇƐƚĞŵƐ
:͘<ŶŽďůŽĐŚ
;<d<'ŵď,Ϳ
KWWSH[UVILVXFSW
ϭϲ͗ϱϬʹϭϳ͗ϬϬ
:ŽŝŶĞĚĨĨŽƌƚͲ,ŽǁƉŽƌƚĂďůĞͬďĞŶĐŚƚŽƉ
yZ&ĂŶĚďĞŶĐŚƚŽƉђͲyZ&ĐĂŶďĞ
ĂƉƉůŝĞĚĨŽƌtĞĂƌŽŶƚĞŶƚĞƚĞƌŵŝŶĂƚŝŽŶ
ĂŶĚWĂƌƚŝĐůĞŶĂůǇƐŝƐŝŶƵƐĞĚůƵďƌŝĐĂƚŝŽŶ
Kŝů
ŝƌŬtŝƐƐŵĂŶŶĂŶĚŶĚƌĞĂƐtŝƚƚŬŽƉƉ
;ŵĞƚĞŬ'ŵď,Ϳ
ϭϲ͗ϱϬʹϭϴ͗ϯϬWŽƐƚĞƌƐĞƐƐŝŽŶ
ϭϲ͗ϱϬʹϭϴ͗ϯϬWŽƐƚĞƌƐĞƐƐŝŽŶ
ϭϴ͗ϭϱʹϭϵ͗ϭϱ
y^'ĞŶĞƌĂůƐƐĞŵďůǇ
ϭϴ͗ϭϱʹϭϵ͗ϭϱ
y^'ĞŶĞƌĂůƐƐĞŵďůǇ
WK^dZ^^^/KEϮ
DŽďŝůĞĂŶĚƉŽƌƚĂďůĞyZ&
ϭͲĚǀĂŶĐĞĚyͲƌĂǇƐƉĞĐƚƌŽŵĞƚĞƌƐďĂƐĞĚŽŶŚŝŐŚƉĞƌĨŽƌŵĂŶĐĞƌĞĂĚͲŽƵƚĞůĞĐƚƌŽŶŝĐƐ
ĐŽƵƉůĞĚǁŝƚŚ^ŝůŝĐŽŶƌŝĨƚĞƚĞĐƚŽƌƐ
Z͘ůďĞƌƚŝ͕>͘ŽŵďĞůůŝ͕͘&ŝŽƌŝŶŝ͕d͘&ƌŝǌǌŝ͕͘>ŽŶŐŽŶŝ͕Z͘EĂǀĂ
tyZ^
ϮͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨŝŵƉƵƌŝƚŝĞƐŝŶĚƌƵŐƉƌŽĚƵĐƚƐďǇǁĂǀĞůĞŶŐƚŚĚŝƐƉĞƌƐŝǀĞyͲƌĂǇ
ĨůƵŽƌĞƐĐĞŶĐĞƐƉĞĐƚƌŽŵĞƚƌǇ
>͘'ŽŶĕĂůǀĞƐ͕/͘ŽƐƚĂ͕:͘ƌŝƚŽ
^ǇŶĐŚƌŽƚƌŽŶyZ^
ϯͲŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨƚŚĞ^K>/>ŵĞƚƌŽůŽŐǇďĞĂŵůŝŶĞ
D͘͘>ĠƉǇ͕z͘DĠŶĞƐŐƵĞŶ͕D͘/Ěŝƌ͕W͘DĞƌĐĞƌĞ͕W͘ĚĂ^ŝůǀĂ͕W͘^ƚĞŵŵůĞƌ͕/͘DŽƌĞĂƵ
ϰͲŝƌƋƵĂůŝƚǇĞǀĂůƵĂƚŝŽŶŝŶĂŵƉŝŶĂƐDĞƚƌŽƉŽůŝƚĂŶZĞŐŝŽŶ͗ĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨŚĞĂǀǇ
ŵĞƚĂůƐŝŶƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌ;WDϭϬͿĂŶĚĐŽŶƚƌŝďƵƚŝŽŶŽĨĞŵŝƐƐŝŽŶƐŽƵƌĐĞƐ
^͘DŽƌĞŝƌĂ͕͘^͘DĞůŽ:ƷŶŝŽƌ
ϱͲDŽŶŝƚŽƌŝŶŐĂŶĚǀĂůƵĂƚŝŽŶŽĨDĞƚĂůƐŝŶƵĐƚƐĂŶĚ^ƚĂƚŝŽŶĂƌǇ^ŽƵƌĐĞƐŽĨĞƌĂŵŝĐ
/ŶĚƵƐƚƌŝĞƐďǇ^ZͲdyZ&
^͘DŽƌĞŝƌĂ͕Z͘:͘&ŽŶƐĞĐĂ
ϲͲdŚĞ,ĂƌĚyͲZĂǇDŝĐƌŽͬEĂŶŽͲWƌŽďĞďĞĂŵůŝŶĞWϬϲĂƚWdZ///
'͘&ĂůŬĞŶďĞƌŐ͕'͘tĞůůĞŶƌĞƵƚŚĞƌ͕E͘ZĞŝŵĞƌƐ
KWWSH[UVILVXFSW
ϳͲtĂǀĞůĞŶŐƚŚͲĚŝƐƉĞƌƐŝǀĞƐƉĞĐƚƌŽŵĞƚĞƌĨŽƌǆͲƌĂǇŵŝĐƌŽͲĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůǇƐŝƐĂƚƚŚĞyͲ
ƌĂǇDŝĐƌŽƐĐŽƉǇďĞĂŵůŝŶĞ/Ϯϭ;^Z&Ϳ
:͘^ǌůĂĐŚĞƚŬŽ͕D͘ŽƚƚĞ͕:͘DŽƌƐĞ͕D͘^ĂůŽŵĠ͕W͘:ĂŐŽĚǌŝŶƐŬŝ͕:͘Ͳů͘ŽƵƐƐĞ͕:͘,ŽƐǌŽǁƐŬĂ͕z͘<ĂǇƐĞƌ͕:͘
^ƵƐŝŶŝ
W/yĂŶĚĞůĞĐƚƌŽŶŝŶĚƵĐĞĚyZ^
ϴͲ/ŶƚĞŐƌĂƚŝŽŶŽĨW/yĂŶĚyZ&ƐƉĞĐƚƌŽŵĞƚƌŝĞƐĨŽƌƐŝŵƵůƚĂŶĞŽƵƐĂƉƉůŝĐĂƚŝŽŶƐ
s͘ĞƐŶŝĐĂ͕^͘&ĂǌŝŶŝđĂŶĚD͘ŽŐŽǀĂĐ
ZĞĐĞŶƚ^ĐŝĞŶƚŝĨŝĐĞǀĞůŽƉŵĞŶƚƐďǇyZ^/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶDĂŶƵĨĂĐƚƵƌĞƌƐ
ϵͲŶŚĂŶĐŝŶŐƚŚĞůŝŐŚƚĞůĞŵĞŶƚƉĞƌĨŽƌŵĂŶĐĞŽĨyZ&ďǇƵƐŝŶŐĂŶĞǁ^ŝůŝĐŽŶƌŝĨƚ
ĞƚĞĐƚŽƌǁŝƚŚŚŝŐŚƚƌĂŶƐŵŝƐƐŝŽŶǁŝŶĚŽǁ
WŽůĚĞWĂƉĞ͕<ĂŝĞŚƌĞŶƐ͕ŬŬĞŚĂƌĚ'ĞƌŶĚƚ͕hǁĞDĞƚŬĂ
ϭϬͲĞǀĞůŽƉŵĞŶƚŽĨĂŶKƉĞŶ^ŽƵƌĐĞĚŝƐƚƌŝďƵƚĞĚŵƵůƚŝĐŚĂŶŶĞůĂĐƋƵŝƐŝƚŝŽŶƐǇƐƚĞŵ
Z͘DĞŶĚĞƐ͕E͘WŝŶŚĆŽ͕͘ƌƵǌĂŶĚ>͘͘ůǀĞƐ
ϭϭͲdŚĞĞƌůŝŶ>ĂďŽƌĂƚŽƌǇĨŽƌ/ŶŶŽǀĂƚŝǀĞyͲƌĂǇdĞĐŚŶŽůŽŐŝĞƐ
t͘DĂůǌĞƌ͕/͘DĂŶƚŽƵǀĂůŽƵ͕͘<ĂŶŶŐŝĞƘĞƌ
ƌƚĂŶĚƵůƚƵƌĂů,ĞƌŝƚĂŐĞ
ϭϮͲŶĂůǇƐŝƐŽĨƉĂƉĞƌĚŽĐƵŵĞŶƚƐďǇyͲƌĂǇƚĞĐŚŶŝƋƵĞƐ͗ƉƉůŝĐĂƚŝŽŶƚŽ^ƉĂŶŝƐŚďŽŽŬƐ
ĨƌŽŵy/yƚŽyyĐĞŶƚƵƌŝĞƐ
͘WŝƚĂƌĐŚ͕K͘'ŽŶǌĂůĞǌͲ&ĞƌŶĂŶĚĞǌ͕D͘DĂŶƐŽ͕^͘WĞƐƐĂŶŚĂ͕͘'ƵŝůŚĞƌŵĞ͕/͘YƵĞƌĂůƚĂŶĚD͘>͘ĂƌǀĂůŚŽ
ϭϯͲƌĂƐƐůĂŵƉƐ͗WƌĞůŝŵŝŶĂƌǇƐƚƵĚǇŽŶƚŚĞĐŽŶƐƚŝƚƵĞŶƚŵĂƚĞƌŝĂůƐĂŶĚƉƌŽĚƵĐƚŝŽŶ
ƚĞĐŚŶŽůŽŐǇďǇyͲƌĂǇĂŶĚŵŝĐƌŽƐĐŽƉŝĐĂůƚĞĐŚŶŝƋƵĞƐ
D͘^ŝŵĂƐ͕d͘&ĞƌƌĞŝƌĂ͕͘ŝĂƐ͕E͘^ĐŚŝĂǀŽŶ͕͘&ƌĂŐŽƐŽ͕D͘:͘&ƵƌƚĂĚŽ͕Z͘:͘͘^ŝůǀĂ͕͘>Ğ'ĂĐ͕͘ůĞŐƌŝĂ
ϭϰͲŽŵďŝŶŝŶŐŚŝŐŚƌĞƐŽůǀĞĚyZ&ƚĞĐŚŶŝƋƵĞƐƚŽĚŝĂŐŶŽƐĞƚŚĞǀŝƚƌĞŽƵƐĂŶĚĚĞĐŽƌĂƚŝǀĞ
ƐƵƌĨĂĐĞƐŽŶƉŽƚƚĞƌǇĨƌŽŵŽŝŵďƌĂ
͘'ƵŝůŚĞƌŵĞ͕͘^Ğŝŵ͕͘,ĞƐƐĞ͕:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ͕:͘ŽƌŽĂĚŽ͕͘<ĂŶŶŐŝĞƘĞƌ͕D͘>͘ĂƌǀĂůŚŽ
ϭϱͲyZ&ĂŶĂůǇƐŝƐŽĨĂƌĐŚĂĞŽůŽŐŝĐĂůŵĞƚĂůĂƌƚŝĨĂĐƚƐĨƌŽŵƚŚĞƌŽŶǌĞŐĞ
͘͘ŽƚƚĂŝŶŝ͕͘>͘D͘^ŝůǀĂ͕͘^͘ŽǀŝƚĂ͕:͘&͘͘͘sĞůŽƐŽ
ϭϲͲŶĂůǇƐŝƐŽĨƚƌĂĐĞĞůĞŵĞŶƚƐŝŶĐƵƉƌŽŶŝĐŬĞů͗yZ^ĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨĞƵƌŽĐŽŝŶƐ
͘<ŽĐƐŽŶǇĂ͕/͘<ŽǀĄĐƐĂŶĚ͘^ǌƅŬĞĨĂůǀŝͲEĂŐǇ
ϭϳͲyZ&ĂŶĂůǇƐŝƐŽĨŵĞƚĂůĂƌƚŝĨĂĐƚƐĨƌŽŵƚŚĞŐƌĂǀĞŐŽŽĚƐŽĨƚŚĞZŽǇĂůdŽŵďϭϰŽĨ
^ŝƉĄŶ͕WĞƌƵ
͘'Ăůůŝ͕>͘ŽŶŝǌǌŽŶŝ͕͘^ŝďŝůŝĂ͕D͘DĂƌƚŝŶŝ
ϭϴͲWyZ&ĂŶĚŵƵůƚŝǀĂƌŝĂƚĞƐƚĂƚŝƐƚŝĐƐĂŶĂůǇƐŝƐŽĨƉƌĞͲĐŽůŽŶŝĂůƉŽƚƚĞƌǇĨƌŽŵŶŽƌƚŚĞĂƐƚŽĨ
ƌĂǌŝů
Z͘͘/ŬĞŽŬĂ͕͘Z͘ƉƉŽůŽŶŝ͕W͘^͘WĂƌƌĞŝƌĂ͕&͘>ŽƉĞƐ͕͘D͘ĂŶĚĞŝƌĂ
KWWSH[UVILVXFSW
ϭϵͲW/yĂŶĚWyZ&ĐŽŵƉĂƌŝƐŽŶĂŶĂůǇƐŝƐŽĨĂƐƚĂŶĚĂƌĚĐĂŶǀĂƐƉĂŝŶƚŝŶŐ
͘Z͘ƉƉŽůŽŶŝ͕&͘>ŽƉĞƐ͕D͘͘ZŝǌǌƵƚƚŽ͕͘͘EĞŝǀĂ͕Z͘/ŬĞŽŬĂ͕͘ĂĐŝŽŶĞ͕D͘ZŝǌǌŽ
ϮϬͲEŽŶĞƐƚƌƵĐƚŝǀĞ^ŽƵƌĐŝŶŐŽĨKďƐŝĚŝĂŶƐďǇWyZ&
d͘͘'ĂůǀĆŽ͕&͘>ŽƉĞƐ͕͘Z͘ƉƉŽůŽŶŝ
ϮϭͲ:ŽĂƋƵŝŶ^ŽƌŽůůĂ͛ƐƉŝŐŵĞŶƚĐŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨƚŚĞƉĂŝŶƚŝŶŐƐ͞sŝƐŝŽŶŽĨ^ƉĂŝŶ͟ďǇ
ŵĞĂŶƐyZ&ƉŽƌƚĂďůĞƐǇƐƚĞŵ
͘ZŽůĚĄŶ͕:͘&ĞƌƌĞƌŽ͕͘:ƵĂŶĞƐ͕s͘ZŝƉŽůůĠƐ
ϮϮͲWŝŐŵĞŶƚĐŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨĂŶĐŝĞŶƚ^ŝĐŝůŝĂŶƉůĂƐƚĞƌƐ
͘DĂũŽůŝŶŽ͕͘ƋƵŝůŝĂ͕'͘ĂƌŽŶĞ͕s͘ƌƵƉŝ͕͘/ŶŐŽŐůŝĂ͕&͘>ŽŶŐŽ͕W͘DĂǌǌŽůĞŶŝ͕s͘sĞŶƵƚŝ
ϮϯͲ^ƚƵĚŝĞƐĨŽƌZŽŵĂŶŝĂŶĂƌĐŚĂĞŽůŽŐŝĐĂůŐŽůĚŝĚĞŶƚŝĨŝĐĂƚŝŽŶƵƐŝŶŐŵŝĐƌŽͲ^ZͲyZ&ĂŶĚ
ŵŝĐƌŽͲW/y
͘ƌŝƐƚĞĂͲ^ƚĂŶ͕͘ŽŶƐƚĂŶƚŝŶĞƐĐƵ͕͘sĂƐŝůĞƐĐƵ͕D͘ZĂĚƚŬĞ͕h͘ZĞŝŶŚŽůǌ͕'͘WŽƉĞƐĐƵ͕͘EĞĂĐƐƵ͕͘
ĞĐĐĂƚŽ
ϮϰͲǀĂůƵĂƚŝŶŐƚŚĞůĞĂĚĐŽŶƚĞŶƚŝŶĂƌĐŚĞŽůŽŐŝĐĂůďŽŶĞƐƉĞĐŝŵĞŶƐďǇŝŶƐŝƚƵ<yͲƌĂǇ
ĨůƵŽƌĞƐĐĞŶĐĞƐƉĞĐƚƌŽŵĞƚƌǇ
͘Ă^ŝůǀĂ͕>͘D͘ŐĚĞŶ͕D͘>͘ĂƌǀĂůŚŽ͕d͘>ŝŵĂ͕:͘W͘DĂƌƋƵĞƐ͕͘WĞũŽǀŝđͲDŝůŝđ͕͘Z͘ŚĞƚƚůĞ
ϮϱͲyZ&ĂŶĂůǇƐŝƐŽĨƐŝůǀĞƌĐŽŝŶƐĨƌŽŵƚŚĞWƚŽůĞŵĂŝĐƉĞƌŝŽĚ;ϰƚŚʹϭƐƚĐĞŶƚƵƌŝĞƐͿ
s͘<ĂŶƚĂƌĞůŽƵ͕&͘:͘ŐĞƌ͕͘ƵŐĞŶŝĚŽƵ͕&͘ŚĂǀĞƐ͕͘ŶĚƌĞŽƵ͕͘<ŽŶƚŽƵ͕E͘<ĂƚƐŝŬŽƐƚĂ͕D͘͘ZĞƐƉĂůĚŝǌĂ͕
W͘^ĞƌĂĨŝŶ͕͘'͘<ĂƌǇĚĂƐ
ϮϲͲ^ƚƵĚǇŽĨWƌƵƐƐŝĂŶďůƵĞƉŝŐŵĞŶƚƐďǇyͲƌĂǇĚŝĨĨƌĂĐƚŝŽŶĂŶĚyͲƌĂǇĂďƐŽƌƉƚŝŽŶ
>͘^ĂŵĂŝŶ͕&͘ͲWŚ͘,ŽĐƋƵĞƚ͕&͘,ĂƚĞƌƚ͕'͘^ŝůǀĞƌƐŵŝƚ͕>͘sŝŶĐǌĞĂŶĚ͘^ƚƌŝǀĂǇ
ϮϳͲyZ&͕yZĂŶĚƌĂĚŝŽŐƌĂƉŚŝĐƚĞĐŚŶŝƋƵĞƐĨŽƌƚŚĞƌĞƐƚŽƌĂƚŝŽŶŽĨƌĞůŝĞĨ͞DĂĚŽŶŶĂ
ĂŶĚŚŝůĚ͟ďǇ:ĂĐŽƉŽ^ĂŶƐŽǀŝŶŽʹDƵƐĞƵŵŽĨƵĚĂƉĞƐƚ
'͘ƵĐĐŽůŝĞƌŝ͕͘ƵĐĐŽůŝĞƌŝ͕>͘DŝŽƚƚŽ͕Z͘ĂƐĐŝĂƌŽ͕W͘YƵĂƌƚĂŽůŽƐƐŽ͕s͘EĂƐƐŝƐŝ͕͘ĂƐƚĞůůĂŶŽ
ϮϴͲDĞƌƐŝŶͲzƵŵƵŬƚĞƉĞƉŽƚƚĞƌŝĞƐ͗ŵŝĐƌŽƐƚƌƵĐƚƵƌĞĂŶĚůŝŬĞůǇƉƌŽĐĞƐƐŝŶŐ
͘^ĞƌƌĂ͕'͘ƵĐĐŽůŝĞƌŝ͕͘ƵĐĐŽůŝĞƌŝ͕͘DĂŶŶŽ͕/͘ĂŶĞǀĂ͕͘WĂƐƋƵŝŶŽ
ϮϵͲyZ&ĂŶĂůǇƐŝƐŽĨƚŚĞŽŝůƉĂŝŶƚŽĨǁŽŽĚĞŶƉĂŶĞůƐĚŝƐƉůĂǇĞĚŝŶƚŚĞWŝŶĂĐŽƚĞĐĂŽĨƚŚĞ
&ƌĂŶĐŝƐĐĂŶŽŶǀĞŶƚŝŶ/ŐĂƌĂƐƐƵ͕ZĞĐŝĨĞ
s͘ƐĨŽƌĂ͕^͘ĂƌƌĞƚŽ͕,͘<ŚŽƵƌǇ͕Z͘͘͘ĚĞƌĂƷũŽĂŶĚE͘:͘^͘ZĞŐŽ
ϯϬͲŶĂůǇƐŝƐŽĨƉŝŐŵĞŶƚƐĨƌŽŵZŽĐŬWĂŝŶƚŝŶŐƐŝƚĞƐŽĨƚŚĞ^ĞƌƌĂĚĂĂƉŝǀĂƌĂEĂƚŝŽŶĂů
WĂƌŬ
,͘>͘^ƵůůĂƐŝ͕s͘<͘ƐĨŽƌĂ͕͘ŝƐŶĞŝƌŽƐ͕͘D͘WĞƐƐŝƐĂŶĚ,͘:͘<ŚŽƵƌǇ
ϯϭͲ,ZdDŵŝĐƌŽĂŶĂůŝƚǇĐĂůĐŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨƉŝŐŵĞŶƚƐĂŶĚĨŝůůĞƌƐƵƐĞĚďǇZƵďĞŶƐŝŶ
^ƉĂŝŶĂŶĚĞůŐŝƵŵʹŽŵƉĂƌĂƚŝǀĞƐƚƵĚǇŽĨƚǁŽƉĂŝŶƚŝŶŐƐŝŶƚŚĞWƌĂĚŽEĂƚŝŽŶĂů
DƵƐĞƵŵ
D͘/͘ĄĞǌ͕:͘>͘ĂůĚŽŶĞĚŽ͕:͘ZĂŵşƌĞǌͲĂƐƚĞůůĂŶŽƐ͕>͘sŝĚĂů͕D͘:͘'ĂƌĐşĂͲDŽůŝŶĂ
KWWSH[UVILVXFSW
ϯϮͲDŝĐƌŽĂŶĂůǇƚŝĐĂůĐŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨƚŚĞŝŶŽƌŐĂŶŝĐŵĂƚĞƌŝĂůƐŝŶĂŵƵƌĂůƉĂŝŶƚŝŶŐ
ĨƌŽŵĂƌƚĂŐĞŶĂƌĐŚĂĞŽůŽŐŝĐĂů^ŝƚĞ
D͘/͘ĄĞǌ͕:͘>͘ĂůĚŽŶĞĚŽ͕D͘͘ĚĞ>ĞſŶ͕>͘sŝĚĂů͕E͘ZŽƐĂůĞƐ
ϯϯͲWĂƚƚĞƌŶͲďƵƌŶŝƐŚĞĚĐĞƌĂŵŝĐƐĨƌŽŵƚǁŽ>ĂƚĞƌŽŶǌĞŐĞƐĞƚƚůĞŵĞŶƚƐĂƚƚŚĞ
WŽƌƚƵŐƵĞƐĞůĞĨƚďĂŶŬŽĨƚŚĞ'ƵĂĚŝĂŶĂZŝǀĞƌ͘ŚĞŵŝĐĂů͕ŵŝŶĞƌĂůŽŐŝĐĂůĂŶĚƚĞǆƚƵƌĂů
ĐŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶ
:͘&͘ĂƌƌĞƚŽ͕͘D͘>ŝŵĂĂŶĚ͘D͘D͘^ŽĂƌĞƐ
ϯϰͲĐƌŝƚŝĐĂůĂŶĂůǇƐŝƐŽĨƚŚĞŽĨyZ&ƐƉĞĐƚƌŽŵĞƚƌǇĂƉƉůŝĐĂƚŝŽŶŽŶĐŽŵƉůĞǆ
ƐƚƌĂƚŝŐƌĂƉŚŝĞƐ
>͘ŽŶŝǌǌŽŶŝ͕͘ŽůŽŵďŽ͕D͘'ĂƌŐĂŶŽ͕^͘&ĞƌƌĂƚŝ͕D͘'ƌĞĐŽ͕E͘>ƵĚǁŝŐ͕D͘ZĞĂůŝŶŝ
ϯϱͲƐƚƵĚǇŽŶŝŶĐůƵƐŝŽŶƐĂŶĚŵĞƚĂůĐŽŵƉŽƐŝƚŝŽŶŽĨĂŶĐŝĞŶƚĐŽƉƉĞƌͲďĂƐĞĚĂƌƚŝĨĂĐƚƐďǇ
DŝĐƌŽͲyZ&ĂŶĚ^DͲ^
͘&ŝŐƵĞŝƌĞĚŽ͕W͘sĂůĠƌŝŽ͕D͘&͘ƌĂƷũŽ͕Z͘:͘͘^ŝůǀĂĂŶĚ͘D͘^ŽĂƌĞƐ
ϯϲͲyͲZĂǇŽŵƉŽƐŝƚŝŽŶĂůDŝĐƌŽŶĂůǇƐŝƐĂŶĚŝĨĨƌĂĐƚŝŽŶƐƚƵĚŝĞƐŽĨ,ĂůƚĞƌŶϳϬĂŵƉŚŽƌĂ
ƐŚĞƌĚƐ
͘&͘K͘ŽƐƚĂ͕͘:͘D͘^ŝůǀĂ͕͘ZĂŵĂůŚŽ͕'͘WĞƌĞŝƌĂĂŶĚD͘ZĂŵŽƐ^ŝůǀĂ
ϯϳͲyZ&ƐƉĞĐƚƌŽŵĞƚƌǇŝŶƚŚĞƐƚƵĚǇŽĨƉŽůǇĐŚƌŽŵĞƚĞƌƌĂĐŽƚƚĂ
͘ŽůŽŵďŽ͕^͘ƌĂĐĐŝ͕͘ŽŶƚŝ͕Z͘&ĂůĐŽŶĞ͕D͘'ƌĞĐŽ͕D͘ZĞĂůŝŶŝ
ϯϴͲ/ŶƐŝƚƵyZ&ĂŶĂůǇƐŝƐŽĨƌŽĐŬĂƌƚƉŝŐŵĞŶƚƐĨƌŽŵ͞ďƌŝŐŽĚŽƐ'ĂŝǀƁĞƐ͟ĂŶĚ͞/ŐƌĞũĂ
ĚŽƐDŽƌŽƐ͟ĐĂǀĞƐ;WŽƌƚƵŐĂůͿ
D͘:͘EƵĞǀŽ͕͘DĂƌƚşŶͲ^ĄŶĐŚĞǌ͕͘KůŝǀĞŝƌĂ͕:͘ĚĞKůŝǀĞŝƌĂ
ϯϵͲ^ĐŝĞŶƚŝĨŝĐ/ŶǀĞƐƚŝŐĂƚŝŽŶƐŽŶZŽŵĂŶ^ŝůǀĞƌŽŝŶƐŽĨƚŚĞŵƉĞƌŽƌdƌĂũĂŶ;ϵϴʹϭϭϳͿ
D͘ZŽĚƌŝŐƵĞƐ͕&͘ĂƉƉĂ͕D͘^ĐŚƌĞŝŶĞƌ͕W͘&ĞƌůŽŶŝ͕D͘ZĂĚƚŬĞ͕h͘ZĞŝŶŚŽůǌ͕͘tŽǇƚĞŬ͕D͘ůƌĂŵ
ϰϬͲ/ŶƐŝŐŚƚŽŶƚŚĞďůƵĞĂŶĚŐƌĞĞŶƉĂůĞƚƚĞŽĨϭϱƚŚƚŽϭϴƚŚĨƌĞƐĐŽĞƐŝŶ^ŽƵƚŚĞƌŶWŽƌƚƵŐĂů͗
ƉŝŐŵĞŶƚƐ͕ƚĞĐŚŶŝƋƵĞƐĂŶĚƐƚĂƚĞŽĨĐŽŶƐĞƌǀĂƚŝŽŶďǇyZ^ƚĞĐŚŶŝƋƵĞƐ
D͘'ŝů͕D͘>͘ĂƌǀĂůŚŽ͕/͘ZŝďĞŝƌŽ͕D͘:͘KůŝǀĞŝƌĂ͕^͘sĂůĂĚĂƐ͕:͘DŝƌĆŽ͕͘͘ĂŶĚĞŝĂƐ
ϰϭͲyͲƌĂǇƐƉĞĐƚƌŽƐĐŽƉǇƐƚƵĚǇŽŶĂƌĐŚĂĞŽůŽŐŝĐĂůŐůĂƐƐďĞĂĚƐĨƌŽŵ,ŽƌͲŬ͕ĐĞŶƚƌĂů
dŚĂŝůĂŶĚ
<͘tŽŶͲŝŶĂŶĚW͘ĂƌĂƌƵƚĂŶĂ
ϰϮͲDŝĐƌŽĂŶĂůǇƐŝƐŽĨĂŶĐŝĞŶƚŐůĂƐƐďĞĂĚƐĨŽƵŶĚĨƌŽŵ<ŚĂŽ^Ăŵ<ĂĞŽ͕ƐŽƵƚŚĞƌŶ
dŚĂŝůĂŶĚƵƐŝŶŐW/yĂŶĚWD
^͘WŽŶŐŬƌĂƉĂŶ͕z͘dŚŽŶŐŬĂŵ͕<͘tŽŶͲŝŶ͕W͘ĂƌĂƌƵƚĂŶĂĂŶĚW͘tĂƚŚĂŶĂŬƵů
ϰϯͲWŽƚĞŶƚŝĂůŝƚǇŽĨŶŽŶĚĞƐƚƌƵĐƚŝǀĞyZ&ĨŽƌĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌŽǀĞŶĂŶĐĞŽĨ
ĂƌĐŚĂĞŽůŽŐŝĐĂůƉŽƚƚĞƌŝĞƐ͗ƚŚĞĐĂƐĞŽĨ͞ŽƌŝŶƚŚŝĂŶ͟ĂŵƉŚŽƌĂĞ
'͘ĂƌŽŶĞ͕s͘ƌƵƉŝ͕&͘>ŽŶŐŽ͕͘DĂũŽůŝŶŽ͕W͘DĂǌǌŽůĞŶŝ͕'͘^ƉĂŐŶŽůŽ͕s͘sĞŶƵƚŝ͕͘ƋƵŝůŝĂ
ϰϰͲ^ƚƵĚǇŽĨƚǁŽĂƌŽƋƵĞƉŽůǇĐŚƌŽŵĞǁŽŽĚĞŶƐĐƵůƉƚƵƌĞƐ
^͘WĞƐƐĂŶŚĂ͕͘>Ğ'ĂĐ͕D͘DĂŶƐŽ͕D͘>͘ĂƌǀĂůŚŽ
KWWSH[UVILVXFSW
ϰϱͲĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĞůĞŵĞŶƚĂůĐŽŵƉŽƐŝƚŝŽŶŽĨĂϭϵƚŚĐĞŶƚƵƌǇďŽŽŬďǇyZ&͗
ƵŶĚĞƌƐƚĂŶĚŝŶŐƉĂƉĞƌĚŝƐĐŽůŽƌĂƚŝŽŶ
^͘WĞƐƐĂŶŚĂ͕&͘&ŝŐƵĞŝƌĂ͕D͘DĂŶƐŽ͕͘'ƵŝůŚĞƌŵĞ͕D͘>͘ĂƌǀĂůŚŽ
ϰϲͲ/ŶǀĞƐƚŝŐĂƚŝŽŶŽĨƚŚĞŝŶŶĂďĂƌƵƐĂŐĞŝŶEĞŽůŝƚŚŝĐƉĞƌŝŽĚŽŶƚŚĞdĞƌƌŝƚŽƌǇŽĨ^ĞƌďŝĂ
s͘ŶĚƌŝđ͕D͘^ƚŽũĂŶŽǀŝđ͕D͘'Ăũŝđ<ǀĂƓēĞǀ͕͘aŵŝƚ͕s͘<ĂŶƚĂƌĞůŽƵ
ϰϳͲŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨƉŝŐŵĞŶƚƐŽĨĨĂŝĞŶĐĞƐŽĨƌĂǌŝůŝĂŶĐŽůŽŶŝĂůƉĞƌŝŽĚ
s͘<͘ƐĨŽƌĂ͕D͘͘ƵƌĂĚŽ͕,͘>ĂǀĂůůĞ͕D͘͘'͘ĚĞůďƵƋƵĞƌƋƵĞ͕,͘:͘<ŚŽƵƌǇ͕^͘͘ĂƌƌĞƚŽ
yͲƌĂǇƐŽƵƌĐĞƐ͕ŽƉƚŝĐƐĂŶĚĚĞƚĞĐƚŽƌƐ
ϰϴͲDŽĚŝĨŝĞĚ/ŶƚĞƌŶĂů'ĂƚĞ;D/'&dͿyͲZĂǇĞƚĞĐƚŽƌ
͘EŝĞŵĞůĂ͕:͘^ĞƉƉćůć͕͘ƵƌŽůĂ͕,͘^ŝƉŝůĂĂŶĚd͘dƵƵǀĂ
ϰϵͲϯϬŬĞsƉŚŽƚŽŶƐƉĞĐƚƌĂƌĞĐŽŶƐƚƌƵĐƚŝŽŶĨƌŽŵĨůĂƚƉĂŶĞůŝŵĂŐĞƐĂŶĚDŽŶƚĞĂƌůŽ
ƐŝŵƵůĂƚŝŽŶ
͘:ƵƐƚĞ͕Z͘Dŝƌſ͕͘,ƵƐŚǇĂƌ͕'͘sĞƌĚƷ
ϱϬͲŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨĂ'W^ͬD^'ŚǇďƌŝĚĚĞƚĞĐƚŽƌĨŽƌŚĂƌĚyͲƌĂǇƐƉĞĐƚƌŽƐĐŽƉǇ
ŽƉĞƌĂƚŝŶŐŝŶĂŚŝŐŚƉƌĞƐƐƵƌĞyĞŶŽŶĂƚŵŽƐƉŚĞƌĞ
>͘͘͘ŽĞůŚŽ͕:͘&͘͘͘sĞůŽƐŽ͕͘^͘ŽǀŝƚĂ͕>͘&͘ZĞƋƵŝĐŚĂ&ĞƌƌĞŝƌĂ͕:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ
ϱϭͲĂŶƚŚĞ,s>ŚĞůƉŽŶƚŚĞyͲƌĂǇƚƵďĞĐŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶ͍
&ůŽƌďĞůĂZġŐŽ͕>ƵŝƐWĞƌĂůƚĂ͕DĂĨĂůĚĂ'ŽŵĞƐ
ϱϮͲŶĞƌŐǇͲŝƐƉĞƌƐŝǀĞђyͲZĂǇŝĨĨƌĂĐƚŝŽŶǁŝƚŚWŽůǇĐĂƉŝůůĂƌǇKƉƚŝĐƐŝŶĂdŚƌĞĞͲ
ŝŵĞŶƐŝŽŶĂůŽŶĨŽĐĂů^ĞƚƵƉ
Z͘͘WĞƌĞǌ͕,͘:͘^ĄŶĐŚĞǌ͕͘D͘^ŽƐĂ͕͘WĞƌĞǌ͕D͘>͘ĂƌǀĂůŚŽ
ϱϯͲDŽŶƚĞĂƌůŽƉŚŽƚŽĞůĞĐƚƌŽŶĞǆƚƌĂĐƚŝŽŶŝŶŵŝǆƚƵƌĞƐŽĨŵŽůĞĐƵůĂƌŐĂƐĞƐ͗,ϰ͕&ϰĂŶĚ
KϮ
:͘ƐĐĂĚĂ͕W͘:͘͘D͘ZĂĐŚŝŶŚĂƐ͕d͘,͘s͘d͘ŝĂƐ͕&͘W͘^ĂŶƚŽƐ͕:͘͘D͘>ŽƉĞƐ͕͘͘E͘ŽŶĚĞĂŶĚ͘͘^ƚĂƵĨĨĞƌ
ϱϰͲyͲƌĂǇĚĞƚĞĐƚŝŽŶƉĞƌĨŽƌŵĂŶĐĞŽĨĂŚŝŐŚͲƉƌĞƐƐƵƌĞǆĞŶŽŶŐĂƐƉƌŽƉŽƌƚŝŽŶĂů
ƐĐŝŶƚŝůůĂƚŝŽŶĐŽƵŶƚĞƌ
>͘͘͘ŽĞůŚŽ͕:͘͘D͘>ŽƉĞƐ͕ĂŶĚ:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ
ϱϱͲ^ŝŵŝůĂƌŝƚǇďĞƚǁĞĞŶďůĂĐŬďŽĚǇĂŶĚƐǇŶĐŚƌŽƚƌŽŶƌĂĚŝĂƚŝŽŶĂŶĂůǇǌĞĚďǇdƐĂůůŝƐ
ĞŶƚƌŽƉǇ
:ƵŶ<ĂǁĂŝ͕,ŝƌŽǇƵŬŝ/ǁĂƐĂŬŝ͕<ŽƌĞƚĂŬĂzƵŐĞ͕ŐŶĞƐEĂŐǇ
ϱϲͲZĞƐƉŽŶƐĞ&ƵŶĐƚŝŽŶŽĨƚŚĞĚŶdĞ^WZĞƚĞĐƚŽƌ
>͘DĂƌǁĂŚĂ
ϱϳͲWĞĐƵůŝĂƌŝƚŝĞƐŽĨyͲƌĂǇƉůĂŶĂƌĞǆƚĞŶĚĞĚŐƵŝĚĞƐďƵŝůƚŽŶďĂƐĞŽĨƉŽůǇĐƌǇƐƚĂůůŝŶĞĨĞƌƌŝƚĞƐ
ƌĞĨůĞĐƚŽƌƐ
s͘<͘ŐŽƌŽǀ͕͘s͘ŐŽƌŽǀ͕D͘^͘ĨĂŶĂƐ͛Ğǀ
KWWSH[UVILVXFSW
tE^zͲ:hEϮϯ͕ϮϬϭϬ
^ĞƐƐŝŽŶϵ͗>ŝĨĞ^ĐŝĞŶĐĞƐĂŶĚ
&ŽƌĞŶƐŝĐƐ
^ĞƐƐŝŽŶϭϬ͗dyZ&͕'/yZ&ĂŶĚ
ƌĞůĂƚĞĚƚĞĐŚŶŝƋƵĞƐ
ZŽŽŵ'ͲŚĂŝƌ͗zŽŚŝĐŚŝ'ŽŚƐŚŝ
ZŽŽŵ^ͲŚĂŝƌ͗<͘dĂŶŝŐƵĐŚŝ
Ϭϴ͗ϰϬʹϬϵ͗ϬϬ
Ϭϴ͗ϯϬʹϬϵ͗ϬϬ
<ƐŚĞůůǆͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞŽĨƚƌĂĐĞ
ĞůĞŵĞŶƚƐŝŶůŝǀŝŶŐŚƵŵĂŶƐƵďũĞĐƚƐ
͘Z͘ŚĞƚƚůĞ
/Es/d>dhZ͗
dƌĞĂƚŵĞŶƚŽĨƌĞĨƌĂĐƚŝŽŶĞĨĨĞĐƚƐŝŶ
ƋƵĂůŝƚĂƚŝǀĞĂŶĂůǇƐŝƐŽĨtͲyZ&ƐƉĞĐƚƌĂ
;WEĂůǇƚŝĐĂůsͿ
W͘E͘ƌŽƵǁĞƌ
Ϭϵ͗ϬϬʹϬϵ͗ϮϬ
<yZ&ŽŶĞ>ĞĂĚĞƚĞĐƚŽƌWĞƌĨŽƌŵĂŶĐĞ
ĂŶĚŶĞƌŐǇZĞƐŽůƵƚŝŽŶ
ZĞĐĞŶƚĂĚǀĂŶĐĞƐĂŶĚĂƉƉůŝĐĂƚŝŽŶƐŝŶ
dyZ&ŽĨƚŚĞƚŽŵŝŶƐƚŝƚƵƚyͲƌĂǇŐƌŽƵƉ
͘dƌĞĂĚǁĞůů͕Z͘'ƌĂŐŐ///͕ŝŽŶWĂƵů͕D͘ĂƌŽŶƐ͕
͘dƐŚĂďĞ
W͘tŽďƌĂƵƐĐŚĞŬ͕͘^ƚƌĞůŝ͕͘,ŽƌŶƚƌŝĐŚ͕
͘/ŶŐĞƌůĞ͕&͘DĞŝƌĞƌ
Ϭϵ͗ϮϬʹϬϵ͗ϰϬ
ŵŝŶŝĂƚƵƌĞǆͲƌĂǇƚƵďĞĂƉƉƌŽĂĐŚ
ƚŽŵĞĂƐƵƌŝŶŐůĞĂĚŝŶďŽŶĞƵƐŝŶŐ>ͲyZ&
'/Ͳy&^ŽĨƌƐĞŶŝĐƵůƚƌĂƐŚĂůůŽǁ
ũƵŶĐƚŝŽŶƐŝŶ^ŝůŝĐŽŶĨŽƌŵĞĚďǇďĞĂŵůŝŶĞ
ĂŶĚƉůĂƐŵĂŝŵŵĞƌƐŝŽŶŝŽŶ
ŝŵƉůĂŶƚĂƚŝŽŶĂŶĚůĂƐĞƌĂŶŶĞĂůŝŶŐ
ĂǀŝĚ͘͘&ůĞŵŝŶŐ͕DŝŚĂŝZ͘'ŚĞƌĂƐĞĂŶĚ<ĞǀŝŶ
D͘ůĞǆĂŶĚĞƌ
'͘WĞƉƉŽŶŝ͕&͘DĞŝƌĞƌ͕D͘͘^ĂŚŝŶĞƌ͕͘
'ŝƵďĞƌƚŽŶŝ͕^͘'ĞŶŶĂƌŽ͕͘ĞŵĞŶĞǀ͕:͘͘
tŽŝĐŝŬ͕D͘ĞƌƐĂŶŝ͕D͘͘&ŽĂĚ͕͘^ƚƌĞůŝĂŶĚW͘
WŝĂŶĞƚƚĂ
Ϭϵ͗ϰϬʹϭϬ͗ϬϬ
yͲƌĂǇĂŶĚ/ZŵŝĐƌŽͲĂŶĂůǇƐŝƐƐƚƵĚŝĞƐŽĨ
ďŽŶĞŵŝŶĞƌĂůĂŶĚƌĞůĂƚĞĚďŝŽůŽŐŝĐĂů
ƐĂŵƉůĞƐ
ĞƚĞƌŵŝŶĂƚŝŽŶŽĨdƌĂĐĞWĞƌĐŚůŽƌĂƚĞ
ŽŶĐĞŶƚƌĂƚŝŽŶƐďǇŶŝŽŶ^ĞůĞĐƚŝǀĞ
DĞŵďƌĂŶĞƐĂŶĚdyZ&ŶĂůǇƐŝƐ
͘ŝĐŚĞƌƚ͕͘ŽŵďĞƐ͕W͘ůĞƵĞƚ͕D͘^ĂůŽŵĠĂŶĚ
͘ZĞǇ
s͘,ĂƚǌŝƐƚĂǀƌŽƐ͕E͘<ĂůůŝƚŚƌĂŬĂƐͲ<ŽŶƚŽƐ
ŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨŐĞŽŐƌĂƉŚŝĐŽƌŝŐŝŶƐ
ŽĨĨŽŽĚƐƚƵĨĨƐďǇƚƌĂĐĞĞůĞŵĞŶƚ
ƐŝŐŶĂƚƵƌĞƐŵĞĂƐƵƌĞĚďǇyZ&ĂŶĂůǇƐŝƐ
^ZͲďĂƐĞĚŚŝŐŚͲƌĞƐŽůƵƚŝŽŶ'yZ&͕ĂŶĞǁ
ƚĞĐŚŶŝƋƵĞƚŽĚĞƚĞƌŵŝŶĞƚŚĞĚĞƉƚŚ
ĚŝƐƚƌŝďƵƚŝŽŶŽĨĚŽƉĂŶƚƐŝŵƉůĂŶƚĞĚŝŶ
ƐĞŵŝĐŽŶĚƵĐƚŽƌƐ
/͘EĂŬĂŝ͕͘KƚĂŬĂ͕d͘ŬĂŵŝŶĞĂŶĚ͘,ŽŬƵƌĂ
z͘<ĂǇƐĞƌ͕͘ĂŶĂƑ͕t͘ĂŽ͕:͘Ͳů͘ŽƵƐƐĞ͕:͘
,ŽƐǌŽǁƐŬĂ͕W͘:ĂŐŽĚǌŝŷƐŬŝ͕D͘<Ăǀēŝē͕͘
<ƵďĂůĂͲ<ƵŬƵƑ͕^͘EŽǁĂŬ͕D͘WĂũĞŬ͕:͘^ǌůĂĐŚĞƚŬŽ
KWWSH[UVILVXFSW
ϭϬ͗ϮϬͲϭϬ͗ϱϬŽĨĨĞĞƌĞĂŬ
ZŽŽŵ'ͲŚĂŝƌ͗:ŽŚĂŶŽŵĂŶ
ZŽŽŵ^ͲŚĂŝƌ͗>ĂƐǌůŽsŝŶĐǌĞ
ϭϬ͗ϱϬʹϭϭ͗ϭϬ
ǀĂůƵĂƚŝŽŶŽĨĞŶǀŝƌŽŶŵĞŶƚĂů
ĚĞŐƌĂĚĂƚŝŽŶŝŶƵďƌŽǀĂĐŬŽͲEĞƌĞƚǀĂŶƐŬĂ
ŽƵŶƚǇŝŶƌŽĂƚŝĂƵƐŝŶŐŵƵůƚŝǀĂƌŝĂƚĞ
ƐƚĂƚŝƐƚŝĐĂů'/^ͲďĂƐĞĚĂƉƉƌŽĂĐŚ
/ŶǀĞƐƚŝŐĂƚŝŽŶŽĨy^tƌĞůĂƚĞĚĞĨĨĞĐƚƐŽŶ
ƌĞĨĞƌĞŶĐĞͲĨƌĞĞƋƵĂŶƚŝƚĂƚŝŽŶŽĨ
ŶĂŶŽƉĂƌƚŝĐůĞƐŝŶdyZ&
͘<ƵƚůĞ͕>͘DĂƚũĂĐŝĐ͕:͘KďŚŽĚĂƐ͕<͘EĂĚ͕s͘
sĂůŬŽǀŝĐ
:͘KƐĄŶ͕&͘ZĞŝŶŚĂƌĚƚ͕͘ĞĐŬŚŽĨĨ͕͘͘WĂƉ͕^͘
dƂƌƂŬ
ϭϭ͗ϭϬʹϭϭ͗ϯϬ
dƌĂĐĞůĞŵĞŶƚƐ>ĞǀĞůƐƚŽŝĨĨĞƌĞŶƚdǇƉĞƐ
ŽĨƌĞĂƐƚdƵŵŽƵƌƐŝŶŽŐƐ
YƵĂŶƚŝĨŝĐĂƚŝŽŶ/ƐƐƵĞƐŽĨdŽƚĂůZĞĨůĞĐƚŝŽŶ
yͲZĂǇ&ůƵŽƌĞƐĐĞŶĐĞĨŽƌhůƚƌĂdƌĂĐĞ
^ƵƌĨĂĐĞŶĂůǇƐŝƐ
^͘^͘^ĂŬĂŵŽƚŽ͕͘>͘ŶĚƌĂĚĞ͕D͘͘Z͘>ƵǀŝǌŽƚƚŽ͕^͘
tŝůů͕D͘^ĐĂƉŝŶ͕D͘>͘ĂƌǀĂůŚŽ͕͘ŶƚƵŶĞƐ
͘EƵƚƐĐŚ͕͘ĞĐŬŚŽĨĨ͕Z͘ůƚŵĂŶŶ͕W͘,ŽĞŶŝĐŬĞ
^ĐŝŶƚŝůůĂƚŝŶŐKƉƚŝĐĂů&ŝďĞƌŽƐŝŵĞƚĞƌ
'ƌĂǌŝŶŐ/ŶĐŝĚĞŶĐĞyͲƌĂǇ^ƉĞĐƚƌŽŵĞƚƌǇ
ĨŽƌƚŚĞŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨĞƉŽƐŝƚĞĚ
EĂŶŽƉĂƌƚŝĐůĞƐ
&ůŽƌďĞůĂZġŐŽ͕>ƵŝƐWĞƌĂůƚĂ͕DĂĨĂůĚĂ'ŽŵĞƐ͕D͘
ŽŶĐĞŝĕĆŽďƌĞƵ
&͘ZĞŝŶŚĂƌĚƚ͕͘ĞĐŬŚŽĨĨ͕͘WŽůůĂŬŽǁƐŬŝ͕,͘
ƌĞƐĐŚ͕^ƚ͘^ĞĞŐĞƌ͕h͘tĂůĚƐĐŚůćŐĞƌ
/ŶƚĞƌĞůĞŵĞŶƚĂůĐŽƌƌĞůĂƚŝŽŶƐŝŶůŝǀĞƌĂŶĚ
ůƵŶŐƚŝƐƐƵĞŽĨƌĂƚƐǁŝƚŚĂůŝŵĞŶƚĂƌǇ
ĂĚŝƉŽƐŝƚǇ;^ZyZ&Ϳ
WƌŽďŝŶŐďƵƌŝĞĚŝŶƚĞƌĨĂĐĞƐďǇ'/yZ&Ͳ
Ey&^͗dŚĞŝŶĨůƵĞŶĐĞŽĨƉŽƐƚͲ
ĚĞƉŽƐŝƚŝŽŶƚƌĞĂƚŵĞŶƚƐŽĨƚŚŝŶĨŝůŵ
ƐŝůŝĐŽŶƐŽůĂƌĐĞůůƐ
s͘dƌƵŶŽǀĂ͕s͘ǀĞƌĞǀĂ͕͘ŚƵƌŝŶ
D͘WĂŐĞůƐ͕D͘tŝŵŵĞƌ͕&͘ZĞŝŶŚĂƌĚƚ͕͘
WŽůůĂŬŽǁƐŬŝ͕W͘,ƂŶŝĐŬĞ͕D͘DƺůůĞƌ͕͘ĞĐŬŚŽĨĨ͕
<͘>ŝƉƐ͕͘ZĞĐŚ͕͘<ĂƌǇĚĂ͕D͘Ͳ͘>ĞƉǇ͕͘
<ĂŶŶŐŝĞƘĞƌ
dŚĞhƐĞŽĨĂŶyͲZĂǇ&ůƵŽƌĞƐĐĞŶĐĞ
^ƉĞĐƚƌŽƐĐŽƉǇ^ǇƐƚĞŵƚŽDĞĂƐƵƌĞ
^ƚƌŽŶƚŝƵŵ/ŶĐŽƌƉŽƌĂƚŝŽŶĂŶĚZĞƚĞŶƚŝŽŶ
ŝŶ,ƵŵĂŶŽŶĞ
^ƉĞĐƚƌŽƐĐŽƉǇ^ƚƵĚŝĞƐĂƚyͲ>Ăď>E&
͘,ĂŵƉĂŝ͕^͘͘ĂďĂŐŽǀ͕'͘ĂƉƉƵĐĐŝŽ͕s͘
'ƵŐůŝĞůŵŽƚƚŝ
,ĞůĞŶDŽŝƐĞ͕ŶĂWĞũŽǀŝđͲDŝůŝđ͕ĂǀŝĚZ͘ŚĞƚƚůĞ
ϭϮ͗ϯϬʹϭϰ͗ϬϬ>ƵŶĐŚ
ϭϰ͗ϬϬʹϭϴ͗ϯϬǆĐƵƌƐŝŽŶ
ϭϰ͗ϬϬʹϭϴ͗ϯϬǆĐƵƌƐŝŽŶ
KWWSH[UVILVXFSW
d,hZ^zͲ:hEϮϰ͕ϮϬϭϬ
^ĞƐƐŝŽŶϭϭ͗ĂƌƚŚĂŶĚ
ĞŶǀŝƌŽŶŵĞŶƚƐĐŝĞŶĐĞƐ
^ĞƐƐŝŽŶϭϮ͗YƵĂŶƚŝĨŝĐĂƚŝŽŶ
ŵĞƚŚŽĚŽůŽŐǇ
ZŽŽŵ'ͲŚĂŝƌ͗>ŝƋŝĂŶŐ>ƵŽ
ZŽŽŵ^ͲŚĂŝƌ͗:͘^ĂŶĐŚĞǌ
/Es/d>dhZ͗
yͲƌĂǇƐƉĞĐƚƌŽŵĞƚƌǇŝŶĂƌƚŚ^ĐŝĞŶĐĞƐ͗
ZĞĐĞŶƚĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƉůŝĐĂƚŝŽŶƐ
/Es/d>dhZ͗
ƉƉƌŽĂĐŚĞƐƚŽǀĂůŝĚĂƚŝŽŶŽĨƌĞƐƵůƚƐ
ƚŚƌŽƵŐŚŽƵƚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶŵĞƚŚŽĚƐŝŶyZ^
/ŐŶĂĐŝŽYƵĞƌĂůƚ
;/ŶƐƚŝƚƵƚĞŽĨĂƌƚŚ^ĐŝĞŶĐĞƐ͞:ĂƵŵĞ
ůŵĞƌĂ͟Ϳ
Z͘WĂĚŝůůĂͲůǀĂƌĞǌ͕͘DĂƌŬŽǁŝĐǌ͕͘ŚŝŶĞĂͲ
ĂŶŽ͕͘'͘<ĂƌǇĚĂƐ
;/ŶƚĞƌŶĂƚŝŽŶĂůƚŽŵŝĐŶĞƌŐǇŐĞŶĐǇͿ
^ŽƵƌĐĞĂƉƉŽƌƚŝŽŶŵĞŶƚŽĨWDϮ͘ϱŝŶ
EĂŝƌŽďŝ͕<ĞŶǇĂ
ŶĞǁĨƵŶĚĂŵĞŶƚĂůƉĂƌĂŵĞƚĞƌďĂƐĞĚ
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶƉƌŽĐĞĚƵƌĞĨŽƌŵŝĐƌŽͲyZ&
ĚĂƚĂ
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ƐĞĚŝŵĞŶƚƐĞƚƚůŝŶŐĞǆƉĞƌŝŵĞŶƚƐĨŽƌ
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ϭϳ͗ϭϬʹϭϴ͗ϯϬWŽƐƚĞƌƐĞƐƐŝŽŶ
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&͘>ŽƉĞƐ͕͘ĞůůĞůůŝ͕^͘z͘DĂƌƚşŶĞǌ^ƚĂŐŶĂƌŽ͕d͘͘'ĂůǀĆŽ͕D͘>͘ZƵĞĚĂ͕&͘>͘DĞůƋƵŝĂĚĞƐ͕͘Z͘ƉƉŽůŽŶŝ
ϯϮͲ^ŝŵƵůĂƚŝŽŶĂŶĚyZ&ĂŶĂůǇƐŝƐŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĂĞƌŽƐŽůůŽĂĚĞĚĨŝůƚĞƌƐĨŽƌŚĞĂǀǇ
ŵĞƚĂůƉŽůůƵƚĂŶƚƐďǇWĂƌƚŝĂů>ĞĂƐƚ^ƋƵĂƌĞƐ
'͘t͘tĞƉƵŬŚƵůƵ͕<͘,͘ŶŐĞǇŽ͕͘K͘DƵƐƚĂƉŚĂ͕:͘D͘DĂŶŐĂůĂ
ϯϯͲŶĞƌŐǇĚŝƐƉĞƌƐŝǀĞyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞ;yZ&ͿĂƉƉůŝĞĚƚŽƋƵĂŶƚŝĨǇůŝŵĞƐƚŽŶĞ
ƌĞĂĐƚŝǀŝƚǇŝŶĂĐŝĚŵŝŶĞĚƌĂŝŶĂŐĞĂŶĚŐĞŽůŽŐŝĐĂůKϮͲƐĞƋƵĞƐƚƌĂƚŝŽŶ
/͘YƵĞƌĂůƚ͕&͘'͘KĨĨĞĚĚƵ͕:͘ĂŵĂ͕:͘D͘^ŽůĞƌĂŶĚZ͘ƚĂŶĂƐƐŽǀĂ
ϯϰͲůĞŵĞŶƚĂůĐŽŵƉŽƐŝƚŝŽŶŽĨĨŝŶĞƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌ;WDϮ͘ϱͿŝŶ^ŬŽƉũĞ͕&zZŽĨ
DĂĐĞĚŽŶŝĂ
͘<ŽǀĂĐĞǀŝŬ͕͘tĂŐŶĞƌ͕:͘ŽŵĂŶ͕:͘>ĂƵƌƐĞŶ͕:͘͘͘WĞƚƚĞƌƐƐŽŶ
ϯϱͲdƌĂĐĞĞůĞŵĞŶƚƐŝŶĨŝŶĞƉĂƌƚŝĐůĞƐ;WDϮ͘ϱͿĂŶĚĚĞƉŽƐŝƚŝŽŶƐĂŵƉůĞƐͲƐŽƵƌĐĞƐĂŶĚ
ĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚ
͘tĂŐŶĞƌ͕:͘ŽŵĂŶ͕D͘:͘'ĂƚĂƌŝ
ϯϲͲdƌĂĐĞĞůĞŵĞŶƚƐŝŶWDϮ͘ϱŝŶƚǁŽůŽĐĂƚŝŽŶƐŝŶEĂŝƌŽďŝ͕<ĞŶǇĂ
:͘ŽŵĂŶ͕D͘:͘'ĂƚĂƌŝ͕D͘^͘'ĂŝƚĂ͕D͘^ƚƌƂŵǀĂůĚ͕^͘:ĂŶŚćůů
ϯϳͲŶĂůǇƐŝƐŽĨƐŝǌĞͲĨƌĂĐƚŝŽŶĂƚĞĚƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌďǇdŽƚĂůƌĞĨůĞĐƚŝŽŶyͲZĂǇ
&ůƵŽƌĞƐĐĞŶĐĞ
:͘ŽŵĂŶ͕͘tĂŐŶĞƌ͕D͘:͘'ĂƚĂƌŝ
ϯϴͲDĞƚĂůƉƌĞĐŽŶĐĞŶƚƌĂƚŝŽŶƵƐŝŶŐĞǆƚƌĂĐƚŝŽŶĚŝƐŬƐ͗ƉƉůŝĐĂƚŝŽŶƚŽůĂďŽƌĂƚŽƌǇĂŶĚ
ďĞŶĐŚƚŽƉyZ&ŝŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
<͘sĂŶDĞĞů͕͘&ŽŶƚăƐ͕͘'ĂƌĐşĂ͕Z͘sĂŶ'ƌŝĞŬĞŶ͕/͘YƵĞƌĂůƚĂŶĚD͘,ŝĚĂůŐŽ͕͘DĂƌŐƵş
KWWSH[UVILVXFSW
ϯϵͲyͲZĂǇĨůƵŽƌĞƐĐĞŶĐĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨ&ĞKĐŽŶƚĞŶƚŝŶƌŽĐŬƐĂŶĚŝƌŽŶŽƌĞƐ
s͘ŚƵďĂƌŽǀ͕͘&ŝŶŬĞůƐŚƚĞŝŶ
ϰϬͲŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨƚŚĞĂƌƐĞŶŝĐĐŽŶƚĂŵŝŶĂƚĞĚĂƋƵŝĨĞƌƐĞĚŝŵĞŶƚƐďǇŝŽŶŵŝĐƌŽďĞĂŵ͕
W/yĂŶĚ/WͲK^ƚĞĐŚŶŝƋƵĞƐ
D͘hũĞǀŝđ͕^͘&ĂǌŝŶŝđ͕͘ĂƐŝŽƚ͕͘Ƶŝđ͕:͘,ĂůĂŵŝđ͕>͘^ŝƉŽƐ͕͘ĂĚŝđ
ϰϭͲDŝĐƌŽͲyZ&ĂŶĚŵŝĐƌŽͲyE^ƐƚƵĚǇŽĨƚŚĞĚŝƐƚƌŝďƵƚŝŽŶĂŶĚŽǆŝĚĂƚŝŽŶƐƚĂƚĞŽĨ
ƵƌĂŶŝƵŵŝŶƐƚĂůĂŐŵŝƚĞ
͘ƌĞŝƚŶĞƌ͕:͘KƐĄŶ͕/͘͘^Ăũſ͕͘^ŝŬůſƐǇ͕͘ĞŵĠŶǇ͕'͘&ĂůŬĞŶďĞƌŐĂŶĚ<͘ZŝĐŬĞƌƐͲƉƉĞů
ϰϮͲdƌĂĐĞĞůĞŵĞŶƚĐŽŶĐĞŶƚƌĂƚŝŽŶƐŝŶĨƌĞƐŚǁĂƚĞƌďŝǀĂůǀĞƐŚĞůůƐ;hŶŝŽƐƉ͘ͿĂƐŝŶĚŝĐĂƚŽƌƐ
ŽĨĞŶǀŝƌŽŶŵĞŶƚĂůĐŚĂŶŐĞ
͘ĞŵĠŶǇ͕:͘KƐĄŶ͕'͘^ĐŚƂůůͲĂƌŶĂ͕W͘^ƺŵĞŐŝ
ϰϯͲƉƉůŝĐĂƚŝŽŶŽĨyͲƌĂǇƐƉĞĐƚƌŽƐĐŽƉǇŝŶŐĞŽĐŚĞŵŝĐĂůĂŶĂůǇƐŝƐĂƌŽƵŶĚŵŝŶŝŶŐ
ĞŶǀŝƌŽŶŵĞŶƚ
K͘'ŽŶǌĂůĞǌͲ&ĞƌŶĂŶĚĞǌ͕/͘YƵĞƌĂůƚ
ϰϰͲ^ƚƵĚǇŽĨŵĞƚĂůƐ͛ĐŽŶƚĞŶƚŝŶƉůĂŶƚůĞĂǀĞƐďǇŵĞĂŶƐŽĨĞŶĞƌŐǇĚŝƐƉĞƌƐŝǀĞyͲƌĂǇ
ĨůƵŽƌĞƐĐĞŶĐĞ
K͘'ŽŶǌĂůĞǌͲ&ĞƌŶĂŶĚĞǌ͕/͘YƵĞƌĂůƚĂŶĚ͘EĂǀĂƌƌŽ
ϰϱͲKƉƚŝŵŝǌĂƚŝŽŶŽĨŽƉĞƌĂƚŝŽŶĂůƐĐĞŶĂƌŝŽƐŽĨĂŶyZ&ĨĂĐŝůŝƚǇĨŽƌƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨ
ŵĂũŽƌĂŶĚƚƌĂĐĞĞůĞŵĞŶƚƐŝŶĞŶǀŝƌŽŶŵĞŶƚĂůƐĂŵƉůĞƐ
E͘͘sĂůŵĂŶƚŽŶŝƐ͕W͘<͘ZŽƵŶŝ͕D͘:͘ŶĂŐŶŽƐƚĂŬŝƐ
ϰϲͲDƵůƚŝͲůĞŵĞŶƚŶĂůǇƐŝƐŽĨ/ŶĚŽŽƌƵƐƚďǇtyZ&ƵƐŝŶŐƚŚĞ&WDĞƚŚŽĚ
sĂůĚŝƌĞŶĞK͘^ĐĂƉŝŶ͕DĂƌĐŽƐ͘^ĐĂƉŝŶ͕/ǀŽŶĞD͘^ĂƚŽ
/ŶĚƵƐƚƌŝĂůƋƵĂůŝƚǇĂŶĚƉƌŽĐĞƐƐĐŽŶƚƌŽů
ϰϳͲĐĐƵƌĂĐǇŝŵƉƌŽǀĞŵĞŶƚŵĞƚŚŽĚĨŽƌŽŶͲůŝŶĞyͲƌĂǇĨůƵŽƌĞƐĐĞŶĐĞĂŶĂůǇƐŝƐŝŶǁŽƌŬĨůŽǁ
E͘ůŽǀ͕͘sŽůŬŽǀ
ϰϴͲWƌŝŶĐŝƉĂůŽŵƉŽŶĞŶƚŶĂůǇƐŝƐŽĨyZ&^ƉĞĐƚƌĂĨŽƌEŽŶŝŶǀĂƐŝǀĞŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨ
ŽŵƉůĞǆDĂƚƌŝǆDĂƚĞƌŝĂůƐ
^͘'Ăƌŝ͕<͘,͘ŶŐĞǇŽ͕:͘D͘DĂŶŐĂůĂ͕͘K͘DƵƐƚĂƉŚĂ
ϰϵͲŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨƌĞĨĞƌĞŶĐĞŵĂƚĞƌŝĂůƐĨŽƌƚŚŝŶŐŽůĚĂŶĚƉĂůůĂĚŝƵŵůĂǇĞƌƐďĂƐĞĚŽŶ
ŐƌĂǀŝŵĞƚƌŝĐĂŶĂůǇƐŝƐ͕ͲyZ&ĂŶĚZƵƚŚĞƌĨŽƌĚĂĐŬƐĐĂƚƚĞƌŝŶŐ
^͘ŝůů͕s͘ZƂƘŝŐĞƌ
YƵĂŶƚŝĨŝĐĂƚŝŽŶŵĞƚŚŽĚŽůŽŐǇ
ϱϬͲKŶƚŚĞƉƌŽƉĞƌƚŝĞƐĂŶĚĚĞƚĞĐƚŝŽŶůŝŵŝƚƐŽĨƚŚĞŵƉƚĞŬDŝŶŝͲyнyͲϭϮϯƉŽƌƚĂďůĞyZ&
͘<ŽĐƐŽŶǇĂ͕/͘<ŽǀĄĐƐ͕͘^ǌƅŬĞĨĂůǀŝͲEĂŐǇ
KWWSH[UVILVXFSW
ϱϭͲYƵĂŶƚŝƚĂƚŝǀĞ,ͲyZ&ĂŶĂůǇƐŝƐŽĨĂƌƐĞŶŝĐŝŶƉŽůǇĞƐƚĞƌƌĞƐŝŶ
͘ĞƐŽƵǌĂ͕&͘DĐEĞŝůů͕͘ŚĞƚƚůĞ
ϱϮͲdŽǁĂƌĚƐĂƋƵĂŶƚŝƚĂƚŝǀĞĂŶĂůǇƐŝƐƵƐŝŶŐĂƉŽƌƚĂďůĞŵŝĐƌŽͲyZ&ƐƉĞĐƚƌŽŵĞƚĞƌ
:͘D͘^ĂŵƉĂŝŽ͕^͘WĞƐƐĂŶŚĂ͕D͘>͘ĂƌǀĂůŚŽ
ϱϯͲ,ĞĂǀǇDĞƚĂůƐĞƚĞƌŵŝŶĂƚŝŽŶŝŶ,ŽƵƐĞŚŽůĚƵƐƚďǇŶĞƌŐǇŝƐƉĞƌƐŝǀĞyͲZĂǇ
&ůƵŽƌĞƐĐĞŶĐĞ^ƉĞĐƚƌŽŵĞƚƌǇ;yZ&Ϳ͗ĞǀĞůŽƉŵĞŶƚĂŶĚsĂůŝĚĂƚŝŽŶŽĨƚŚĞŶĂůǇƚŝĐĂů
DĞƚŚŽĚ
>͘ŽƌŶĞũŽ͕:͘ĐĂƌĂƉŝ͕Z͘ƐƉŝŶŽǌĂ͕/͘sĂůĞŶǌƵĞůĂ
ϱϰͲDĞĂƐƵƌĞŵĞŶƚhŶĐĞƌƚĂŝŶƚǇǀĂůƵĂƚŝŽŶŽĨƚŚĞtyZ&ĂŶĚyZ&dĞĐŚŶŝƋƵĞƐŝŶƚŚĞ
ŚĞŵŝĐĂůŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨůƵŵŝŶƵŵƵƐĞĚŝŶEƵĐůĞĂƌ&ƵĞůŽĨdǇƉĞDdZ
DĂƌĐŽƐ͘^ĐĂƉŝŶ͕DĂƌşůŝĂ͘EĂŶĞƐ͕sĂůĚŝƌĞŶĞK͘^ĐĂƉŝŶ
ϱϱͲ/ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨĂŶĞǁ^ŝ;>ŝͿĚĞƚĞĐƚŽƌƌĞƐƉŽŶƐĞĨƵŶĐƚŝŽŶ;Z&ͿĨŽƌyK^,yZ&
ĂŶĂůǇǌĞƌƌĞƐƵůƚƐ
&ƵƐŚĞŶŐ>ŝ͕ZŽďŝŶW͘'ĂƌĚŶĞƌ
ϱϲͲ^ZyZ&ͲŵĞĂƐƵƌĞŵĞŶƚƐĂƚŶŽŶƉůĂŶĂƌŽďũĞĐƚƐ͗ƵƚŽŵĂƚŝĐĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĂŶŐůĞ
ŽĨŝŶĐŝĚĞŶĐĞŽĨƚŚĞĞǆĐŝƚŝŶŐyͲƌĂǇ
͘'ƌƵŶĞǁĂůĚ͕D͘ZĂĚƚŬĞ͕h͘ZĞŝŶŚŽůǌ͕,͘ZŝĞƐĞŵĞŝĞƌ
ϱϳͲ>ßϮƐĂƚĞůůŝƚĞƐƐƉĞĐƚƌĂĞŵŝƚƚĞĚĚƵĞƚŽĂEͲƐŚĞůůƐƉĞĐƚĂƚŽƌǀĂĐĂŶĐǇ
^ƵƌĞŶĚƌĂWŽŽŶŝĂ
KWWSH[UVILVXFSW
&Z/zͲ:hEϮϱ͕ϮϬϭϬ
^ĞƐƐŝŽŶϭϱ͗yͲƌĂǇƐŽƵƌĐĞƐ͕
ŽƉƚŝĐƐĂŶĚĚĞƚĞĐƚŽƌƐ
^ĞƐƐŝŽŶϭϲ͗ƌƚĂŶĚƵůƚƵƌĂů
,ĞƌŝƚĂŐĞ
ZŽŽŵ'ͲŚĂŝƌ͗<ŽƵŝĐŚŝdƐƵũŝ
ZŽŽŵ^ͲŚĂŝƌ͗&ĄƚŝŵĂƌĂƷũŽ
Ϭϴ͗ϰϬʹϬϵ͗ϬϬ
/Es/d>dhZ͗
ŚĂŶŶĞůŝŶŐŽĨZĂĚŝĂƚŝŽŶƐ͗ĨƌŽŵ>ĞƉƚŽŶƐ
ƚŽyWŚŽƚŽŶƐ
ZĞĐĞŶƚĚĞǀĞůŽƉŵĞŶƚŝŶƐĐĂŶŶŝŶŐ
ŵĂĐƌŽͲyZ&ĨŽƌƚŚĞŝŶǀĞƐƚŝŐĂƚŝŽŶŽĨ
ŚŝƐƚŽƌŝĐĂůƉĂŝŶƚŝŶŐƐ
^͘͘ĂďĂŐŽǀ
DĂƚƚŚŝĂƐůĨĞůĚ͕<ŽĞŶ:ĂŶƐƐĞŶƐ͕:ŽƌŝƐŝŬ
;>ĂďŽƌĂƚŽƌŝEĂǌŝŽŶĂůŝĚŝ&ƌĂƐĐĂƚŝͿ
ŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨĂƌĂŐŐ
ƐƉĞĐƚƌŽŵĞƚĞƌĞƋƵŝƉƉĞĚǁŝƚŚůĂƌŐĞĂƌĞĂ
ƐƉŚĞƌŝĐĂůůǇďĞŶƚĐƌǇƐƚĂůƐ
ͲyZ&ĂŶĂůǇƐŝƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŽƌŝŐŝŶ
ĂŶĚĂƵƚŚĞŶƚŝĐŝƚǇŽĨŐĞŵƐƚŽŶĞƐ
͘^͘ŽǀŝƚĂ͕^͘ŽƵĐĂƌĚ͕,͘&ƵŚƌŵĂŶŶ͕͘,ŝƌƚů͕͘
'ŽƚƚĂ͕͘'ƌƵďĞƌ͕W͘/ŶĚĞůŝĐĂƚŽ͕͘ͲK͘>ĞŝŐŽƚ͕
:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ͕^͘^ĐŚůĞƐƐĞƌ͕W͘^ĐŚŵŝĚ͕>͘D͘
^ŝŵŽŶƐ͕>͘^ƚŝŶŐĞůŝŶ͕D͘dƌĂƐƐŝŶĞůůŝ͕:͘&͘͘͘
sĞůŽƐŽ͕͘tĂƐƐĞƌ͕:͘ŵĞƐŬĂů
W͘>ĞŵďĞƌŐĞ͕͘ŽŶǀŝŶ͕&͘,ĞƌǌŽŐ͕D͘^͘
<ƌǌĞŵŶŝĐŬŝ
ŽŵƉĂĐƚ>ĂƌŐĞƌĞĂ^ŝůŝĐŽŶƌŝĨƚ
ĞƚĞĐƚŽƌƐǁŝƚŚDƵůƚŝͲůĂǇĞƌŽůůŝŵĂƚŽƌƐ
WŽƌƚĂďůĞyZ&ƐƚƵĚǇŽĨƚŚĞƉŝŐŵĞŶƚƐ
ĂƉƉůŝĞĚŝŶ:ƵĂŶ,ŝƐƉĂůĞŶƐĞΖƐϭϱƚŚ
ĐĞŶƚƵƌǇƉĂŶĞůƉĂŝŶƚŝŶŐ
d͘ŐŐĞƌƚ͕Z͘&Žũƚ͕:͘<ŶŽďůŽĐŚ͕͘WĂŚůŬĞ͕^͘
WĂŚůŬĞ͕K͘^ĐŚĞŝĚ͕Z͘^ƚƂƚƚĞƌ͕&͘tŝĞƐƚ
͘<ƌŝǎŶĂƌ͕s͘DƵŹŽǌ͕&͘ĚĞůĂWĂǌ͕D͘͘
ZĞƐƉĂůĚŝǌĂ͕D͘sĞũĂ
ŚĂƌĂĐƚĞƌŝǌĂƚŝŽŶŽĨĂŶyZ&ŝŵĂŐŝŶŐ
ƐǇƐƚĞŵďĂƐĞĚŽŶĂDW'
ŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨĂŶĐŝĞŶƚ
ĞĂƌƚŚĞŶǁĂƌĞƚŝůĞƐĨƌŽŵƚŚĞsĂůĞŶĐŝĂ
ZĞŐŝŽŶ͕^ƉĂŝŶ͕ŝŶƚŚĞƌĞĐŽǀĞƌǇŽĨ
ĐĞƌĂŵŝĐŚĞƌŝƚĂŐĞ
͘>͘D͘^ŝůǀĂ͕͘͘Z͘ǌĞǀĞĚŽ͕͘͘͘KůŝǀĞŝƌĂ͕:͘D͘&͘
ĚŽƐ^ĂŶƚŽƐ͕:͘&͘͘͘sĞůŽƐŽ
D͘W͘'ſŵĞǌͲdĞŶĂ͕͘ƵŵĂƋƵĞƌŽ͕Z͘ĂďĂůůĞƌŽ͕
D͘&͘'ĂǌƵůůĂ͕͘'ŽǌĂůďŽ
,W'ʹĂŶĞǁƚǇƉĞŽĨ,KW'ĐƌǇƐƚĂůĨŽƌ
,ŝŐŚZĞƐŽůƵƚŝŽŶ^ƉĞĐƚƌŽƐĐŽƉǇ
ŶyͲƌĂǇƐƉĞĐƚƌŽŵĞƚƌǇĂŶĚĂďƐŽƌƉƚŝŽŶ
ƐƉĞĐƚƌŽƐĐŽƉǇƐƚƵĚǇŽĨďůƵĞͲĂŶĚͲǁŚŝƚĞ
ŐůĂǌĞƐĨƌŽŵĂŶĐŝĞŶƚŚŝŶĞƐĞƉŽƌĐĞůĂŝŶƐ
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KWWSH[UVILVXFSW
ZŽŽŵ'ͲŚĂŝƌ͗ŚĂƌĂůĂŵďŽƐĂƌŬĂĚĂƐ
ZŽŽŵ^ͲŚĂŝƌ͗͘ĂƐƚĞůůĂŶŽ
ƉƉůŝĐĂƚŝŽŶƐƵƐŝŶŐĂĨŽƵƌͲĐŚĂŶŶĞů^ŝůŝĐŽŶ
ƌŝĨƚĞƚĞĐƚŽƌǁŝƚŚĂŶŶƵůĂƌŐĞŽŵĞƚƌǇ
ƵƚŚĞŶƚŝĐŝƚǇƐƚƵĚŝĞƐ͗'ƌĞĐŽͲƌŽŵĂŶ
ďƌĂƐƐƐĐƵůƉƚƵƌĞƐŽƌy/yĐĞŶƚƵƌǇĨĂŬĞƐ͍
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W͘͘ZŽĚƌŝŐƵĞƐ͕͘^ĞƌƵǇĂ͕D͘ĂƐƚƌŽEƵŶĞƐ
dŚĞEĞǁDŝĐƌŽŵĞŐĂƐyͲƌĂǇĚĞƚĞĐƚŽƌƐŝŶ
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DŽƌĂůĞƐ͕d͘WĂƉĂĞǀĂŶŐĞůŽƵ͕͘ZŽĚƌşŐƵĞǌ͕:͘ZƵǌ͕
͘dŽŵĄƐ͕d͘sĂĨĞŝĂĚŝƐ͕^͘͘zŝůĚŝǌ
E͘WŽůŽƐŵĂŬ͕s͘dƌƵŶŽǀĂ͕s͘ǀĞƌĞǀĂ
ZDĂǀĂůĂŶĐŚĞƉŚŽƚŽĚŝŽĚĞƐĨŽƌyͲƌĂǇ
ĚĞƚĞĐƚŝŽŶŝŶƚŚĞŵƵŽŶŝĐŚǇĚƌŽŐĞŶ>Ăŵď
ƐŚŝĨƚĞǆƉĞƌŝŵĞŶƚ
dŽƚĂůͲƌĞĨůĞĐƚŝŽŶyͲZĂǇĨůƵŽƌĞƐĐĞŶĐĞ
ƐƉĞĐƚƌŽŵĞƚƌǇĨŽƌƚŚĞĂŶĂůǇƐŝƐŽĨ
ƉĂƌƚŝĐƵůĂƚĞŵĂƚƚĞƌŝŶƚŚĞ͞'ĂůůĞƌŝĂ
ĚĞůů͛ĐĐĂĚĞŵŝĂ͕͟&ůŽƌĞŶĐĞ͕/ƚĂůǇ
>͘D͘W͘&ĞƌŶĂŶĚĞƐ͕ŽŶďĞŚĂůĨŽĨƚŚĞZD
ŽůůĂďŽƌĂƚŝŽŶ
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ƵĐĐŽůŝĞƌŝ͕&͘ĂƌŶĞǀĂůĞ͕'͘WĂƚĞƌŶŽƐƚĞƌ͕'͘
WĂůĂŵă͕͘ĂƐƚĞůůĂŶŽ
ŶŽǀĞů>ĂƐĞƌͲWůĂƐŵĂͲ^ŽƵƌĐĞĨŽƌƚŚĞϭ
ŬĞsƌĞŐŝŽŶ
dƌĂǀĞƐƚŝƚĞ,ǇŵĞŶĂĞƵƐƐĞĞŝŶŐĂĚĂŶĐĞ
ŝŶŚŽŶŽƌƚŽWƌŝĂƉƵƐ͗EŝĐŽůĂWŽƵƐƐŝŶǲƐ
ƉĂŝŶƚŝŶŐĞǆĂŵŝŶĂƚŝŽŶďǇWyZ&
/͘DĂŶƚŽƵǀĂůŽƵ͕d͘ŝĚƵ͕Z͘:ƵŶŐ͕,͘>ĞŐĂůů͕,͘
^ƚŝĞů͕t͘DĂůǌĞƌ͕͘<ĂŶŶŐŝĞƘĞƌ
͘Z͘ƉƉŽůŽŶŝ͕W͘^͘WĂƌƌĞŝƌĂ͕&͘>ŽƉĞƐ
ŚĂƌĂĐƚĞƌŝƐĂƚŝŽŶŽĨWŽůǇĐĂƉŝůůĂƌǇyͲZĂǇ
^ĞŵŝͲůĞŶƐĞƐǁŝƚŚ^Dͬy
ŶĂůǇƐŝƐŽĨƚŚĞ,ŽĂƌĚŽĨĞĕŝŶƵƐŝŶŐyͲ
ƌĂǇďĂƐĞĚƚĞĐŚŶŝƋƵĞƐ
s͘ZĂĐŬǁŝƚǌ͕D͘WƌŽĐŽƉ͕s͘Ͳ͘,ŽĚŽƌŽĂďĂ
D͘ZŽĚƌŝŐƵĞƐ͕D͘^ĐŚƌĞŝŶĞƌ͕D͘DĞůĐŚĞƌ͕D͘
'ƵĞƌƌĂ͕:͘^ĂůŽŵŽŶ͕D͘ZĂĚƚŬĞ͕D͘ůƌĂŵ͕E͘
^ĐŚŝŶĚĞů
KWWSH[UVILVXFSW
ZŽŽŵ'ͲŚĂŝƌ͗:ŽĆŽsĞůŽƐŽ
ZŽŽŵ^ͲŚĂŝƌ͗:ŽƐĠWĂƵůŽ^ĂŶƚŽƐ
DĞƚĂůůŝĐDĂŐŶĞƚŝĐĂůŽƌŝŵĞƚĞƌƐĨŽƌƚŚĞ
ŵĞĂƐƵƌĞŵĞŶƚŽĨŚĂƌĚyͲƌĂǇĞŵŝƐƐŝŽŶ
ŝŶƚĞŶƐŝƚŝĞƐ
WďŝŶĂŶĐŝĞŶƚŚŝŶĞƐĞƵͲďĂƐĞĚĐŽŝŶƐ͗Ă
ŵƵůƚŝͲĂŶĂůǇƚŝĐĂůƐƵƌǀĞǇ
D͘:͘&ƵƌƚĂĚŽ͕D͘&͘ƌĂƷũŽ͕Z͘:͘͘^ŝůǀĂ
D͘ZŽĚƌŝŐƵĞƐ͕D͘>ŽŝĚů͕͘>ĞͲƌĞƚ
DŽĚĞůͲďĂƐĞĚŶŽŶůŝŶĞĂƌĚŝŐŝƚĂůƉƵůƐĞ
ƉƌŽĐĞƐƐŝŶŐĞůĞĐƚƌŽŶŝĐƐ
y/sƚŚĐĞŶƚƵƌǇƚŽŵďƐƐƚƵĚŝĞĚďǇyͲƌĂǇ
ƚĞĐŚŶŝƋƵĞƐ
W͘^ĐŽƵůůĂƌ͕͘DĐ>ĞĂŶĂŶĚZ͘ǀĂŶƐ
>ƵşƐ͘'͘E͘&ƌĞŝƌĞ͕ŶĚƌĠ&͘s͘ŽƌƚĞǌ͕sşƚŽƌD͘&͘
'ĂƐƉĂƌ͕D͘ZĂŵŽƐ^ŝůǀĂ͕͘DĂƚŽƐĞũĂ͕&ƌĂŶĐŝƐĐŽ
:͘W͘W͘DĂĐĞĚŽ͕&ƌĂŶĐŝƐĐŽW͘^͘͘'ŝů
ŽŵƉƵƚĞĚdŽŵŽŐƌĂƉŚǇ^ǇƐƚĞŵĂƐĞĚŽŶ
ĂDW'
yZ&ĂŶĚŵŝĐƌŽͲ^ZͲyZ&ƐƚƵĚŝĞƐĨŽƌ
ĂĐŝĂŶŐŽůĚũĞǁĞůƌǇĂƵƚŚĞŶƚŝĐĂƚŝŽŶ
>͘&͘E͘͘ĂƌƌĂŵĂƚĞ͕͘͘͘KůŝǀĞŝƌĂ͕͘>͘D͘^ŝůǀĂ͕,͘
EĂƚĂůĚĂ>Ƶǌ͕͘͘Z͘ǌĞǀĞĚŽ͕D͘WĞƌĞƐ͕͘D͘ĚĂ
^ŝůǀĂ͕:͘D͘&͘ĚŽƐ^ĂŶƚŽƐ͕:͘&͘͘͘sĞůŽƐŽ
͘ŽŶƐƚĂŶƚŝŶĞƐĐƵ͕͘sĂƐŝůĞƐĐƵ͕D͘ZĂĚƚŬĞ͕h͘
ZĞŝŶŚŽůǌ
EĞǁĞƚĞĐƚŽƌƌĐŚŝƚĞĐƚƵƌĞǁŝƚŚ^ŝůŝĐŽŶ
ƌŝĨƚĞƚĞĐƚŽƌƐĨŽƌŝǀĞƌƐĞyZ&
ƉƉůŝĐĂƚŝŽŶƐ
/ĚĞŶƚŝĨŝĐĂƚŝŽŶŽĨĨŽƵƌĚŝĨĨĞƌĞŶƚĐŽĂƚŝŶŐƐ
ŽŶƚŚĞŵĂŝŶĂůƚĂƌƉŝĞĐĞŽĨƚŚĞŽŝŵďƌĂ
KůĚĂƚŚĞĚƌĂů͗yͲƌĂǇƐƉĞĐƚƌŽŵĞƚƌǇ
ĂƉƉůŝĐĂƚŝŽŶƐ
͘^ŝŵƐĞŬ͕͘EŝĐƵůĂĞ͕,͘^ŽůƚĂƵ͕'͘>Ƶƚǌ͕W͘>ĞĐŚŶĞƌ͕͘
ĞĐŚƚĞůĞƌ͕Z͘ĐŬŚĂƌĚƚ͕<͘,ĞƌŵĞŶĂƵ͕͘>ŝĞďĞů͕K͘
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͘>Ğ'ĂĐ͕͘/͘^ĞƌƵǇĂ͕^͘WĞƐƐĂŶŚĂ͕D͘DĂŶƐŽ͕
D͘:͘KůŝǀĞŝƌĂĂŶĚD͘>͘ĂƌǀĂůŚŽ
ƉƉůŝĐĂƚŝŽŶŽĨWĂƌĂŵĞƚƌŝĐyͲƌĂǇ
ZĂĚŝĂƚŝŽŶƚŽŝĂŐŶŽƐƚŝĐZĂĚŝŽůŽŐǇ͗Ă
dŚĞŽƌĞƚŝĐĂů^ƚƵĚǇ
yͲZĂǇŝĨĨƌĂĐƚŝŽŶĂŶĂůǇƐŝƐŽĨŝƌŽŶŽǆŝĚĞƐ
ĂŶĚĐůĂǇƉĂŝŶƚŝŶŐƌĂǁŵĂƚĞƌŝĂůƐĨƌŽŵ
ZĂũĂƐƚŚĂŶ^ƚĂƚĞ;Et/ŶĚŝĂͿ
'͘ŝŽŵĞŶŝĐŽ͕W͘ĂƌĚĂƌĞůůŝ͕D͘'ĂŵďĂĐĐŝŶŝ͕
D͘DĂƌǌŝĂŶŝ͕͘dĂŝďŝ
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ũƵŶĐƚŝŽŶƐĨŽƌƐŽĨƚyͲƌĂǇƐƉĞĐƚƌŽŵĞƚĞƌƐ
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ŶĐŝĞŶƚŐǇƉƚƵƐŝŶŐĂƉŽƌƚĂďůĞƐǇƐƚĞŵ
D͘hŬŝďĞ͕^͘^ŚŝŬŝ͕z͘<ŝƚĂũŝŵĂ͕D͘KŚŬƵďŽ
͘ĂůǌĂ͕Z͘W͘&ƌĞŝƚĂƐ͕͘ƌĂŶĐĂŐůŝŽŶ:ƌ͕͘Z͘d͘
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ϭϲ͗ϬϬŽŶĨĞƌĞŶĐĞĐůŽƐŝŶŐ
ϭϲ͗ϬϬŽŶĨĞƌĞŶĐĞĐůŽƐŝŶŐ
ŽĨĨĞĞ
ŽĨĨĞĞ
KWWSH[UVILVXFSW
>/^dK&Z'/^dZ
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ŽĂĚŝŐƵǌĞůΛĨŝƌĂƚ͘ĞĚƵ͘ƚƌ
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ĨũĂŐĞƌΛƵƐ͘ĞƐ
hŶŝǀĞƌƐŝĚĂĚĚĞ^ĞǀŝůůĂ
>&>͕DĂƚƚŚŝĂƐ
ŵĂƚƚŚŝĂƐ͘ĂůĨĞůĚΛƵĂ͘ĂĐ͘ďĞ
hŶŝǀĞƌƐŝƚǇŽĨŶƚǁĞƌƉ͕
ĞůŐŝƵŵ
>Ks͕EŝŬŽůĂŝ
ŶͺĂůŽǀΛŵĂŝů͘ƌƵ
DŽƐĐŽǁ^ƚĂƚĞhŶŝǀĞƌƐŝƚǇ
DZK͕WĞĚƌŽ
ĂŵĂƌŽǀΛŐŵĂŝů͘ĐŽŵ
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EZ/͕sĞůŝďŽƌ
ǀĞůĂŶΛǀŝŶĐĂ͘ƌƐ
s/E/ŶƐƚŝƚƵƚĞŽĨEƵĐůĞĂƌ
^ĐŝĞŶĐĞƐ
E<>DD͕>ĂƌƐ
ĂŶŬůĂŵŵΛƉŚǇƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ
dhĞƌůŝŶ
EdKEKs͕ůĞǆĂŶĚĞƌ
ĂŶƚŽŶŽǀĂΛŽƉƚŝŐƌĂƉŚ͘ĞƵ
KƉƚŝŐƌĂƉŚ'ŵď,
EdhE^͕ŶĚƌĞĂ
ĂŶƚƵŶĞƐΛŝŶĨŝƐ͘ƵĨƵ͘ďƌ
Ez^</t/͕:ĂĐĞŬ
ũĂĐĞŬĂŶΛŝŵŶ͘ŐůŝǁŝĐĞ͘Ɖů
WWK>KE/͕ĂƌůŽƐ
ZŽďĞƌƚŽ
ĂƉƉŽůŽŶŝΛƵĞů͘ďƌ
ZƷ:K͕D͘&ĄƚŝŵĂ
ĨĂƌĂƵũŽΛŝƚŶ͘Ɖƚ
ZKE͕/ǌƚŽŬ
ŝǌƚŽŬ͘ĂƌĐŽŶΛƵŶŐ͘Ɛŝ
hŶŝǀĞƌƐŝƚǇŽĨEŽǀĂ'ŽƌŝĐĂ
^&KZ͕sŝǀŝĂŶĞ
ǀŝŬŚŽƵƌǇΛŐŵĂŝů͘ĐŽŵ
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WĞƌŶĂŵďƵĐŽ
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ƌŽďĞƌƚ͘ďĂĞĐŚůĞƌΛƌĚůƐ͘ŶĞƐƚůĞ͘ĐŽŵ
EĞƐƚůĠ͕^ǁŝƚǌĞƌůĂŶĚ
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ŵŝďĂĞǌΛĂƌƚ͘ƵĐŵ͘ĞƐ
ŽŵƉůƵƚĞŶƐĞhŶŝǀĞƌƐŝƚǇ͕
DĂĚƌŝĚ͕^ƉĂŝŶ
>>͕DĂƌŬƵƐ
ďĂůůΛŝĨŝĐ͘Ƶǀ͘ĞƐ
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/ŶƐƚŝƚƵƚĞŽĨWŚǇƐŝĐƐ͕hŶŝǀĞƌƐŝƚǇ
ŽĨhďĞƌůĂŶĚŝĂ
/ŶƐƚŝƚƵƚĞŽĨEŽŶͲ&ĞƌƌŽƵƐ
DĞƚĂůƐ
hŶŝǀĞƌƐŝĚĂĚĞƐƚĂĚƵĂůĚĞ
>ŽŶĚƌŝŶĂ
/ŶƐƚŝƚƵƚŽdĞĐŶŽůſŐŝĐŽĞ
EƵĐůĞĂƌ
ZZdK͕:ŽĆŽ&ƌĂŶĐŝƐĐŽ ũŽĂŽĂƌƌŽďĂΛŐŵĂŝů͘ĐŽŵ
&ĂĐƵůĚĂĚĞĚĞŝġŶĐŝĂƐĞ
dĞĐŶŽůŽŐŝĂ͕hŶŝǀĞƌƐŝĚĂĚĞ
EŽǀĂĚĞ>ŝƐďŽĂ
Ġ͕DĂƌŝĞͲDĂƌƚŝŶĞ
ŵŵďĞΛĐĞĂ͘Ĩƌ
͕&ƌĂŶĐĞ
<,K&&͕ƵƌŬŚĂƌĚ
ƵƌŬŚĂƌĚ͘ĞĐŬŚŽĨĨΛWd͘ĚĞ
WŚǇƐŝŬĂůŝƐĐŚͲdĞĐŚŶŝƐĐŚĞ
ƵŶĚĞƐĂŶƐƚĂůƚ
E,E͕:ŽƐĞƉŚ
ũďĞŶĚĂŚĂŶΛƌĂƉŝƐĐĂŶƐǇƐƚĞŵƐ͘ĐŽŵ ZĂƉŝƐĐĂŶ^ǇƐƚĞŵƐ
EdK͕ŶƚſŶŝŽ
ďĞŶƚŽΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
hŶŝǀĞƌƐŝƚǇŽĨŽŝŵďƌĂ
d,<͕:ŽŚĂŶŶĞƐ
ďĞƚŚŬĞΛǆƐϰĂůů͘Ŷů
ŶƚĞĐŚ^ĐŝĞŶƚŝĨŝĐsͲ>ƵŵŝŶŝƐ
'ƌŽƵƉ
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ƚŚĞŽΛĂƚŽŵ͘ƉŚǇƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ
dƵĞƌůŝŶ
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ŐĞƐĐŚĞǀĂΛŝĨŐͲĂĚůĞƌƐŚŽĨ͘ĚĞ
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/ŶƐƚƌƵŵĞŶƚƐ
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ŐůĞŶ͘ďůĂŝƌΛŽǆŝŶƐƚ͘ĐŽŵ
KǆĨŽƌĚ/ŶƐƚƌƵŵĞŶƚƐ
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ĞůĞŶĂ͘ďůŽŬŚŝŶĂΛďƌƵŬĞƌͲŶĂŶŽ͘ĚĞ
ƌƵŬĞƌEĂŶŽ'ŵď,
K/<K͕DŝĐŚĂĞů͘
ŵ͘Ğ͘ďŽŝŬŽΛŵĂŝů͘ŝŽĨĨĞ͘ƌƵ
/ŽĨĨĞWŚǇƐŝĐĂůͲdĞĐŚŶŝĐĂů
/ŶƐƚŝƚƵƚĞ
KWWSH[UVILVXFSW
>/^dK&Z'/^dZ
hŶŝǀĞƌƐŝƚǇŽĨ'ŽƚŚĞŶďƵƌŐ͕
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ŝƉĂƌƚŝŵĞŶƚŽĚŝ&ŝƐŝĐĂ͕
hŶŝǀĞƌƐŝƚăĚŝDŝůĂŶŽ
/ŶƐƚŝƚƵƚŽ^ƵƉĞƌŝŽƌĚĞŝġŶĐŝĂƐ
ĚĂ^ĂƷĚĞŐĂƐDŽŶŝǌ
KDE͕:ŽŚĂŶ
ũŽŚĂŶ͘ďŽŵĂŶΛĐŚĞŵ͘ŐƵ͘ƐĞ
KE/KE/͕>ĞƚŝǌŝĂ
ůĞƚŝǌŝĂ͘ďŽŶŝǌǌŽŶŝΛŵŝ͘ŝŶĨŶ͘ŝƚ
Z/dK͕:ŽƐĠ
ũďƌŝƚŽΛĂůĨϭ͘Đŝŝ͘ĨĐ͘Ƶů͘Ɖƚ
ZKhtZ͕WĞƚĞƌ
ƉĞƚĞƌ͘ďƌŽƵǁĞƌΛƉĂŶĂůǇƚŝĐĂů͘ĐŽŵ
WEĂůǇƚŝĐĂů͘s͘
ZhzEKE<y͕WĞƚĞƌ
ƉĞƚĞƌ͘ďƌƵǇŶĚŽŶĐŬǆΛƐŬǇƐĐĂŶ͘ďĞ
^ŬǇ^ĐĂŶ
hK>/Z/͕'ŝŽǀĂŶŶŝ
ŐŝŽǀĂŶŶŝ͘ďƵĐĐŽůŝĞƌŝΛƵŶŝůĞ͘ŝƚ
hŶŝǀĞƌƐŝƚăĚĞů^ĂůĞŶƚŽ
hE/,͕'ƵĞŶƚĞƌ
'ƵĞŶƚĞƌ͘ƵǌĂŶŝĐŚΛďĂŵ͘ĚĞ
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ĐƌŝƐĐĂůǌĂΛŚŽƚŵĂŝů͘ĐŽŵ͖
ĐĂƚĂƌŝŶĞΛůŝŶ͘ƵĨƌũ͘ďƌ
ZZDd͕>ĂƌĂ
ũŽĂŽ͘ǀĞůŽƐŽΛƵĂ͘Ɖƚ
Zs>,K͕>ƵŝƐĂ
ůƵŝƐĂΛĐŝŝ͘ĨĐ͘Ƶů͘Ɖƚ
^d>>EK͕ůĨƌĞĚŽ
ĂůĨƌĞĚŽ͘ĐĂƐƚĞůůĂŶŽΛƵŶŝůĞ͘ŝƚ
s>>K͕'ŝŽǀĂŶŶŝ
ŐŝŽǀĂŶŶŝ͘ĐĂǀĂůůŽΛƐƵƉƐŝ͘ĐŚ
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,dd>͕ĂǀŝĚ
ĐŚĞƚƚůĞΛŵĐŵĂƐƚĞƌ͘ĐĂ
DĐDĂƐƚĞƌhŶŝǀĞƌƐŝƚǇ͕ĂŶĂĚĂ
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ŵĂƐƚĞƌͲϭϳΛƌĂŵďůĞƌ͘ƌƵ
K>,K͕>ƵŝƐ
ůƵŝƐ͘ĐŽĞůŚŽΛŝƉůĞŝƌŝĂ͘Ɖƚ
KE/K͕ŶĂ
ĂŶĂƐŽĨŝĂΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
KE^dEd/E^h͕
ŽŐĚĂŶ
ďĐŽŶƐƚΛŶŝƉŶĞ͘ƌŽ
KZE:K͕>ŽƌĞŶĂ
ůŽƌĞŶĂĐƉΛƵƚĂ͘Đů
ůŽƌĞŶĂĐŽƌŶĞũŽƉΛŐŵĂŝů͘ĐŽŵ
Ks/d͕ĂŶŝĞů
ĚƐĐŽǀŝƚĂΛƵĂ͘Ɖƚ
Z/^dͲ^dE͕ĂŶŝĞůĂ
ĚĂŶŝĞůĂΛŶŝƉŶĞ͘ƌŽ
zz</͕DĂƚĞƵƐǌ
ǌǇǌǇĐŬŝΛŶŽǀĞůů͘Ĩƚũ͘ĂŐŚ͘ĞĚƵ͘Ɖů
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ƐƵůƚĂŶ͘ĚĂďĂŐŽǀΛůŶĨ͘ŝŶĨŶ͘ŝƚ
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ZZhdE͕WŝƐƵƚƚŝ
ƉŝƐƵƚƚŝΛŚŽƚŵĂŝů͘ĐŽŵ
<ĂƐĞƚƐĂƌƚhŶŝǀĞƌƐŝƚǇ͕
ĂŶŐŬŽŬ͕dŚĂŝůĂŶĚ
WW͕WŽů
ƉŽů͘ĚĞƉĂƉĞΛďƌƵŬĞƌͲĂǆƐ͘ĚĞ
ƌƵŬĞƌy^
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ũŽƌŶ͘Ğ^ĂŵďĞƌΛhŐĞŶƚ͘ďĞ
'ŚĞŶƚhŶŝǀĞƌƐŝƚǇ͕ĞůŐŝƵŵ
KWWSH[UVILVXFSW
ƵŶĚĞƐĂŶƐƚĂůƚĨƺƌ
DĂƚĞƌŝĂůĨŽƌƐĐŚƵŶŐƵŶĚͲ
ƉƌƺĨƵŶŐ
EƵĐůĞĂƌ/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
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hŶŝǀĞƌƐŝƚǇŽĨǀĞŝƌŽ
ĞŶƚƌŽĚĞ&şƐŝĐĂƚſŵŝĐĂĚĂ
hŶŝǀĞƌƐŝĚĂĚĞĚĞ>ŝƐďŽĂ
ŝƉĂƌƚŝŵĞŶƚŽĚŝ^ĐŝĞŶǌĂĚĞŝ
DĂƚĞƌŝĂůŝͲhŶŝǀĞƌƐŝƚăĚŝ
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/ŶƐƚŝƚƵƚĞŽĨ'ĞŽĐŚĞŵŝƐƚƌǇ^
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DZy͕ĞƉĂƌƚŵĞŶƚŽĨ
WŚǇƐŝĐƐ͕hŶŝǀĞƌƐŝƚǇŽĨŽŝŵďƌĂ
/Ͳ/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶĞŶƚĞƌͲ
&dhͲhŶŝǀĞƌƐŝƚǇŽĨŽŝŵďƌĂ
EĂƚŝŽŶĂůŝŶƐƚŝƚƵƚĞŽĨŶƵĐůĞĂƌ
ƉŚǇƐŝĐƐĂŶĚĞŶŐŝŶĞĞƌŝŶŐ͕
ZŽŵĞŶŝĂ
hŶŝǀĞƌƐŝĚĂĚĚĞdĂƌĂƉĂĐĄĂŶĚ
ĞŶƚƌŽĚĞ/ŶǀĞƐƚŝŐĂĐŝŽŶĞƐĚĞů
,ŽŵďƌĞĞŶĞůĞƐŝĞƌƚŽ
EĂƚŝŽŶĂů/ŶƐƚŝƚƵƚĞŽĨEƵĐůĞĂƌ
WŚǇƐŝĐƐĂŶĚŶŐŝŶĞĞƌŝŶŐ
',hŶŝǀĞƌƐŝƚǇŽĨ^ĐŝĞŶĐĞ
ĂŶĚdĞĐŚŶŽůŽŐǇ
>/^dK&Z'/^dZ
Ê/͕sůĂĚĂŶ
ǀĚĞƐŶŝĐĂΛŝƌď͘Śƌ
ĐĂĚĞŵǇŽĨĨŝŶĞĂƌƚƐ͕ĂŐƌĞď
^Kh͕ůƐƚĂŶ
ĚĞƐŽƵǌĞΛŵĐŵĂƐƚĞƌ͘ĐĂ
DĐDĂƐƚĞƌhŶŝǀĞƌƐŝƚǇ
/'/h>/K͕ƵŐĞŶŝŽ
ƵŐŐĞŶŝŽϴϲΛŚŽƚŵĂŝů͘ŝƚ
ŽůŽŐŶĂhŶŝǀĞƌƐŝƚǇ
/>>͕^ŝŵŽŶĞ
ƐŝŵŽŶĞ͘ĚŝůůΛŚĞůŵƵƚͲĨŝƐĐŚĞƌ͘ĚĞ
,ĞůŵƵƚ&ŝƐĐŚĞƌ'ŵď,
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ƚŽďŝĂƐ͘ĞŐŐĞƌƚΛŬĞƚĞŬ͘ŶĞƚ
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'KZKs͕sůĂĚŝŵŝƌ
ĞŐŽƌŽǀΛŝƉƚŵ͘ƌƵ
/DdZ^
/,Zd͕ŝĂŶĞ
ĚŝĂŶĞ͘ĞŝĐŚĞƌƚΛĞůĞƚƚƌĂ͘ƚƌŝĞƐƚĞ͘ŝƚ
ůĞƚƚƌĂ^d
ZK)E͕,ĂƐĂŶ
ŚĞƌĚŽŐĂŶΛƉĂƵ͘ĞĚƵ͘ƚƌ
ZEhZ'͕^ŝŵŽŶ
ƐŝŵŽŶΛŶŝŝĐ͘ŶƐĐ͘ƌƵ
^͕:ŽƐĠ
ũĞƐĐĂĚĂΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
&/E/͕^ƚũĞƉŬŽ
ƐƚũĞƉŬŽ͘ĨĂǌŝŶŝĐΛŝƌď͘Śƌ
ZƵĚũĞƌŽƐŬŽǀŝĐ/ŶƐƚŝƚƵƚĞ
&ZEE^͕>ƵŝƐ
ƉĂŶĐŚŽΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
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ĚƵĂƌĚŽ
&ZEĄEͲZh/͕
ZĂŵſŶ
ũŽƌŐĞ͘ĨĞƌŶĂŶĚĞǌΛƵŶŝďŽ͘ŝƚ
ƌĂŵŽŶ͘ĨĞƌŶĂŶĚĞǌΛƵĂŵ͘ĞƐ
WĂŵƵŬŬĂůĞhŶŝǀĞƌƐŝƚǇ͕ƌƚΘ
^ĐŝĞŶĐĞ&ĂĐƵůƚǇ͕ĞŶŝǌůŝ͕
dhZ<z
EŝŬŽůĂĞǀ/ŶƐƚŝƚƵƚĞŽĨ/ŶŽƌŐĂŶŝĐ
ŚĞŵŝƐƚƌǇ^Z^
ĞƉĂƌƚĂŵĞŶƚŽĚĞ&şƐŝĐĂͲ
hŶŝǀĞƌƐŝĚĂĚĞĚĞŽŝŵďƌĂ
ůŵĂŵĂƚĞƌ^ƚƵĚŝŽƌƵŵ
hŶŝǀĞƌƐŝƚǇŽĨŽůŽŐŶĂ
hŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞ
DĂĚƌŝĚ͘^/Ě/
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ǀŽƐŽƌŝŽΛĐĂŶďĞƌƌĂ͘ĐŽŵ
EZZEs
&/'h/ZK͕DĂƌŝĂͲ
KŶĚŝŶĂ
ŽŶĚŝŶĂ͘ĨŝŐƵĞŝƌĞĚŽΛŝŶĞƚŝ͘Ɖƚ
E/Ddͬ/ϯE͕&ĂĐ͘^Đŝ͘
dĞĐŚŶŽů͕͘EĞǁhŶŝǀ͘>ŝƐďŽŶ
&/'hZK͕ZŽĚŽůĨŽ
ĨŝŐƵĞƌŽƌΛƵĨƌŽ͘Đů
hŶŝǀĞƌƐŝĚĂĚĚĞ>Ă&ƌŽŶƚĞƌĂ
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ĨŝůΛĞůǀĂƚĞĐŚ͘ĐŽŵ
ůǀĂƚĞĐŚ>ƚĚ͘
&>D/E'͕ĂǀŝĚ
ĚĨůĞŵŝŶŐΛŵƚĂ͘ĐĂ
DŽƵŶƚůůŝƐŽŶhŶŝǀĞƌƐŝƚǇ
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ĨƌĂĞŶŬĞůΛǀŵƐ͘ŚƵũŝ͘ĂĐ͘ŝů
,ĞďƌĞǁhŶŝǀĞƌƐŝƚǇ:ĞƌƵƐĂůĞŵ
&Z'K^K͕ŵĂŶƵĞůĂ
ĞŵĂŶƵĞůĂĨƌĂŐŽƐŽΛŐŵĂŝů͘ĐŽŵ
EZͲ&ĂĐƵůĚĂĚĞĚĞŝġŶĐŝĂƐ
ĞdĞĐŶŽůŽŐŝĂ͕hE>
&Z/d^͕ůŝƐĂďĞƚĞ
ĞůŝƐĂďĞƚĞΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
&Z//͕dŽŵŵĂƐŽ
ŝŶĨŽΛǆŐůĂď͘ŝƚ
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&hZ'Z͕DĂƌŬƵƐ
ŵĂƌŬƵƐ͘ĨƵƌŐĞƌΛƉƐŝ͘ĐŚ
WĂƵů^ĐŚĞƌƌĞƌ/ŶƐƚŝƚƵƚ
&hZdK͕DĂƌŝĂ
ŵũĨƵƌƚĂĚŽΛŝƚŶ͘Ɖƚ
/dE
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ƐƚĞǀĞŶ͘ŐĂůĞƐΛŽǆŝŶƐƚ͘ĐŽŵ
KǆĨŽƌĚ/ŶƐƚƌƵŵĞŶƚƐ
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ĂŶŶĂ͘ŐĂůůŝΛŵĂƚĞƌ͘ƵŶŝŵŝď͘ŝƚ
EZͲ/&E
'K͕EŝŶŐ
ŶŐĂŽΛǆŽƐ͘ĐŽŵ
'ZEZ͕ZŽďŝŶ
ŐĂƌĚŶĞƌΛŶĐƐƵ͘ĞĚƵ
yͲZĂǇKƉƚŝĐĂů^ǇƐƚĞŵƐ͕h^
EŽƌƚŚĂƌŽůŝŶĂ^ƚĂƚĞ
hŶŝǀĞƌƐŝƚǇ
/ŶƐƚŝƚƵƚŽĚĞdĞĐŶŽůŽŐşĂ
ĞƌĄŵŝĐĂ
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KWWSH[UVILVXFSW
>/^dK&Z'/^dZ
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ŵũĞƐƵƐΛĨŝƐŝĐĂ͘ƵŵŝŶŚŽ͘Ɖƚ
hŶŝǀĞƌƐŝĚĂĚĞĚŽDŝŶŚŽ
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DŽǆƚĞŬ͕/ŶĐ͘
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ŵĂƌƚĂϵϳϰΛŐŵĂŝů͘ĐŽŵ
ĞŶƚƌŽĚĞ&şƐŝĐĂƚſŵŝĐĂ
DEd>Z͕DŝĐŚĂĞů
ŵŝĐŚĂĞů͘ŵĂŶƚůĞƌΛĂŽŶ͘Ăƚ
Ͳ
WŚǇƐŝĐƐĞƉĂƌƚŵĞŶƚ͕DĞƐƐŝŶĂ
hŶŝǀĞƌƐŝƚǇ
hŶŝǀĞƌƐŝĚĂĚĞƐƚĂĚƵĂůĚĞ
>ŽŶĚƌŝŶĂ
WŚǇƐŝĐƐĞƉĂƌƚŵĞŶƚ͕
dĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚǇŽĨĞƌůŝŶ͘
DEdKhs>Kh͕/ŽĂŶŶĂ /ŽĂŶŶĂ͘DĂŶƚŽƵǀĂůŽƵΛƚƵͲďĞƌůŝŶ͘ĚĞ /ŶƐƚŝƚƵƚĞĨŽƌŽƉƚŝĐĂŶĚĂƚŽŵŝĐ
ƉŚǇƐŝĐƐ
DZ'h/͕ǀĂ
ĞŵĂƌŐƵŝΛŝũĂ͘ĐƐŝĐ͘ĞƐ
KWWSH[UVILVXFSW
/ŶƐƚŝƚƵƚĞŽĨĂƌƚŚ^ĐŝĞŶĐĞ
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ũŵŵĂƌƋƵĞƐΛĨĐ͘Ƶů͘Ɖƚ
ĞƉĂƌƚĂŵĞŶƚŽĚĞ&şƐŝĐĂĚĂ
&ĂĐƵůĚĂĚĞĚĞŝġŶĐŝĂƐĚĂ
DZd/E͕:ĞƐƵƐ
ŵĂĚĞůĞŝŶĞ͘ƉĞǇƚĂǀŝŶΛƚŚĞƌŵŽĨŝƐŚĞƌ͘ĐŽŵ
DZdzE/h<͕sŝŬƚŽƌ
ŵƌƚΛĞůǀĂƚĞĐŚ͘ĐŽŵ
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DZt,͕>ĂƌĂ
ŵĂƌǁĂŚĂΛŝƐŝď͘ďĞ
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ŵĂƐƐĂďŽΛŐĞ͘ŝŶĨŶ͘ŝƚ
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Dd/^͕:ŽƐĠ
ĨĐũĂŵΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
Dd:/͕>ŝĚŝũĂ
ůŝĚŝũĂ͘ŵĂƚΛŐŵĂŝů͘ĐŽŵ
ƌŽĂƚŝĂ
DK>E/͕WĂŽůŽ
ƉŵĂǌǌŽůΛƵŶŝĐƚ͘ŝƚ
ĞƉĂƌƚŵĞŶƚŽĨ'ĞŽůŽŐŝĐĂů
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DZd͕ĂŶŝĞů
ĚŵĞĞƌƚΛĐĂŶďĞƌƌĂ͘ĐŽŵ
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DE^͕ZƵƚĞ
ŶƉŝŶŚĂŽΛŝƚŶ͘Ɖƚ
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dĞĐŚŶŽůŽŐŝĐĂů/ŶƐƚŝƚƵƚĞ
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ǇǀĞƐ͘ŵĞŶĞƐŐƵĞŶΛĐĞĂ͘Ĩƌ
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Ě͘ŵŝĞƌǌĞũĞǁƐŬŝΛƉǁƉǁ͘Ɖů
WŽůŝƐŚ^ĞĐƵƌŝƚǇWƌŝŶƚŝŶŐtŽƌŬƐ
D/'>/KZ/͕ůĞƐƐĂŶĚƌŽ
ŵŝŐůŝŽƌŝΛĨŝ͘ŝŶĨŶ͘ŝƚ
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hE/sZ^/dzK&&>KZE
D/^Z͕EĂŶĚ>Ăů
ŶůŵŝƐƌĂΛǇĂŚŽŽ͘ĐŽŵ
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DKE/E͕sůĂĚŝŵŝƌ
ŵŽŶŝŶΛŝƉƌũ͘ƵĞƌũ͘ďƌ
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DKEd/ZK͕ƌŝƐƚŝŶĂ
ĐƌŝƐƚŝŶĂΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
DKZ/Z͕^ŝůǀĂŶĂ
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hE/sZ^/dzK&DW/E^
DKZ>>͕DĂƚŚŝĞƵ
ŵŵŽƌĞůůĞΛĐĂŶďĞƌƌĂ͘ĐŽŵ
EZZEs
DKZ'hEKs͕ĚƵĂƌĚ
ŝͺƉĞƌĞƉĞůǇƚƐǇĂΛƵŬƌ͘ŶĞƚ
ŵĂŝůϮŝŐŽƌΛƵŬƌ͘ŶĞƚ
ŝͺƉĞƌĞƉĞůǇƚƐǇĂΛƵŬƌ͘ŶĞƚ
ŵĂŝůϮŝŐŽƌΛƵŬƌ͘ŶĞƚ
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DĞƚŚŽĚƐ͕<ŝĞǀ͕hŬƌĂŝŶĞ
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DĞƚŚŽĚƐ͕<ŝĞǀ͕hŬƌĂŝŶĞ
KWWͰh&Z:ͲZŝŽĚĞ:ĂŶĞŝƌŽͲ
ƌĂǌŝů
DKZ,hEKs͕KůĞŬƐŝǇ
DKd͕ĂƌůĂ
ĐĞŶŐŶƵĐůĞĂƌΛŐŵĂŝů͘ĐŽŵ
Dƺ>>Z͕DĂƚƚŚŝĂƐ
ŵĂƚƚŚŝĂƐ͘ŵƵĞůůĞƌΛƉƚď͘ĚĞ
DzZ^͕'ŽƌĚŽŶ
ŐŵǇĞƌƐΛƐŝŝŶƚƵƐĂ͘ĐŽŵ
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Dz<͕ŽĨŝĂ
ǌŽĨŝĂ͘ŵǌǇŬΛŝŵŶ͘ŐůŝǁŝĐĞ͘Ɖů
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DĞƚĂůƐ
E</͕/ǌƵŵŝ
ŝŶĂŬĂŝΛƌƐ͘ŬĂŐƵ͘ƚƵƐ͘ĂĐ͘ũƉ
dŽŬǇŽhŶŝǀĞƌƐŝƚǇŽĨ^ĐŝĞŶĐĞ
E<z͕zĂƐƵŬĂǌƵ
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͘ŬǇŽƚŽͲƵ͘ĂĐ͘ũƉ
ĂŶĚŶŐ͕͘<ǇŽƚŽhŶŝǀĞƌƐŝƚǇ
E^,^,//͕dĂǁĨŝĐ
ƚĂǁĨŝĐ͘ŶΛŶƚůǁŽƌůĚ͘ĐŽŵ
dÊdĞĐŚŶŽůŽŐǇ
E^^/^/͕sŝŶĐĞŶǌŽ
s/EEK͘E^^/^/Λ>͘/E&E͘/d
ĞƉƚŽĨWŚǇƐŝĐƐ͕hŶŝǀĞƌƐŝƚǇŽĨ
^ĂůĞŶƚŽ
KWWSH[UVILVXFSW
>/^dK&Z'/^dZ
Ed>>h͕,ƵŐŽ
ŚƵŐŽΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
EDZ͕DĂƌŝũĂŶ
ŵĂƌŝũĂŶ͘ŶĞĐĞŵĞƌΛŝũƐ͘Ɛŝ
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EE^>͕ĞƌŶŚĂƌĚ
ŶĞŶƐĞůΛŚĞůŵƵƚͲĨŝƐĐŚĞƌ͘ĚĞ
E/h>͕ĚƌŝĂŶ
ĂĚƌŝĂŶ͘ŶŝĐƵůĂĞΛƉŶĚĞƚĞĐƚŽƌ͘ĚĞ
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ŵĂƌŝĂΛƵŶĞǆ͘ĞƐ
hŶŝǀĞƌƐŝƚǇŽĨǆƚƌĞŵĂĚƵƌĂ
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ĂŶĚƌĞĂƐ͘ŶƵƚƐĐŚΛŝŝƐď͘ĨƌĂƵŶŚŽĨĞƌ͘ĚĞ
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ũŽďŚŽĚĂƐΛŝƌď͘Śƌ
ZƵĚĞƌŽƐŬŽǀŝĐ/ŶƐƚŝƚƵƚĞ
KZZ/'K͕^ŽŶũĂ
ƐŽŶũĂŽƌƌŝŐŽΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
KÊ͕:ĂŶŽƐ
ŽƐĂŶΛĂĞŬŝ͘ŬĨŬŝ͘ŚƵ
,ƵŶŐĂƌŝĂŶĐĂĚĞŵǇŽĨ
^ĐŝĞŶĐĞƐ<&</ƚŽŵŝĐŶĞƌŐǇ
ZĞƐĞĂƌĐŚ/ŶƐƚŝƚƵƚĞ
Kh>>d͕^ŝŵŽŶ
ƐŽƵĞůůĞƚΛĐůĂŝƐƐĞ͘ĐŽŵ
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W'>^͕DĂƌĐĞů
ŵĂƌĐĞů͘ƉĂŐĞůƐΛƉŚǇƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ dĞĐŚŶŝƐĐŚĞhŶŝǀĞƌƐŝƚćƚĞƌůŝŶ
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W>Dă͕'ŝĂŶĨƌĂŶĐŽ
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ŝƉĞĞǀΛƚŽŝǀĞů͘ĐŽŵ
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W:Ks/ͲD/>/͕ŶĂ
ĂŶĂŵŝůŝĐΛƌǇĞƌƐŽŶ͘ĐĂ
ZǇĞƌƐŽŶhŶŝǀĞƌƐŝƚǇ
WWWKE/͕'ŝĂŶĐĂƌůŽ
Ő͘ƉĞƉƉŽŶŝΛŚŽƚŵĂŝů͘ĐŽŵ
D/E>Ăď͕DDʹ/ƌƐƚ͕
&ŽŶĚĂǌŝŽŶĞƌƵŶŽ<ĞƐƐůĞƌ
WZ>d͕>ƵŝƐ
ůƵŝƐΛůŝƉ͘Ɖƚ
&h>ͬ>/W
W^Ê,͕^ŽĨŝĂ
ĂůĚĂƐƉƐŽƵƐĂΛŐŵĂŝů͘ĐŽŵ
ĐĞŶƚƌŽĚĞĨŝƐŝĐĂĂƚſŵŝĐĂĚĂ
ƵŶŝǀĞƌƐŝĚĂĚĞĚĞůŝƐďŽĂ
W/KZ<͕^ƚĂŶŝƐůĂǁ
ƐƚĂŶ͘ƉŝŽƌĞŬΛƚŚĞƌŵŽ͘ĐŽŵ
dŚĞƌŵŽEŝƚŽŶŶĂůǇǌĞƌƐ͕>>
W/Z^͕sĠƌŽŶŝƋƵĞ
ŝŶĨŽΛƐĐŚĂĞĨĞƌͲƚĞĐŚ͘ĐŽŵ
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W/dZ,͕ĨƌŝĐĂ
WK>><Kt^</͕ĞĂƚƌŝǆ
WKKE/͕^ƵƌĞŶĚƌĂ
Wh:K>͕:ŽĂŶ
YhZ>d͕/ŐŶĂĐŝŽ
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Zd<͕DĂƌƚŝŶ
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ďĞĂƚƌŝǆ͘ƉŽůůĂŬŽǁƐŬŝΛƉƚď͘ĚĞ
ZĞƐĞĂƌĐŚ^ĐŝĞŶƚŝƐƚ;ƚŽŵŝĐ
ƉŽŽŶŝĂ͘ƐƵƌĞŶĚƌĂΛŐŵĂŝů͘ĐŽŵ
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DĂƚĞƌŝĂůƐZĞƐĞĂƌĐŚĂŶĚ
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ĂƉŝƚĂƌĐŚΛŝũĂ͘ĐƐŝĐ͘ĞƐ
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ŵĂƌĐĞůŽ͘ƌĞĚŝŐŽůŽΛƵƐƉ͘ďƌ
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EƵĐůĞĂƌ/ŶƐƚƌƵŵĞŶƚĂƚŝŽŶ
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Z/sZ͕^ĠďĂƐƚŝĞŶ
ƐƌŝǀĂƌĚΛĐůĂŝƐƐĞ͘ĐŽŵ
ůĂŝƐƐĞ^ĐŝĞŶƚŝĨŝĐŽƌƉŽƌĂƚŝŽŶ
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ĐĂĚĞŵǇŽĨ&ŝŶĞƌƚƐsŝĞŶŶĂ͕
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ZhE^^KE͕:ĂŶͲƌŝŬ
ũĂŶͲĞƌŝŬ͘ƌƵďĞŶƐƐŽŶΛĨǇƐŝŬ͘ƵƵ͘ƐĞ
hƉƉƐĂůĂhŶŝǀĞƌƐŝƚǇ
^>sd͕&ƌĂŶĐĞƐĐ
ĨƌĂŶĐĞƐĐ͘ƐĂůǀĂƚΛŐŵĂŝů͘ĐŽŵ
hŶŝǀĞƌƐŝƚĂƚĚĞĂƌĐĞůŽŶĂ
/ŶƐƚŝƚƵƚŽĚĞŝĞŶĐŝĂĚĞůŽƐ
DĂƚĞƌŝĂůĞƐͲhŶŝǀĞƌƐŝĚĂĚĚĞ
sĂůĞŶĐŝĂ
EƵĐůĞĂƌŶŐ͘Ɖƚ͕͘DĞĐŚĂŶŝĐĂů
ŶŐ͘^ĐŚŽŽů͕EĂƚŝŽŶĂů
dĞĐŚŶŝĐĂůhŶŝǀ͘ŽĨƚŚĞŶƐ
EĂƚŝŽŶĂůZĞƐĞĂƌĐŚEƵĐůĞĂƌ
hŶŝǀĞƌƐŝƚǇ;DŽƐĐŽǁ
ŶŐŝŶĞĞƌŝŶŐWŚǇƐŝĐƐ/ŶƐƚŝƚƵƚĞͿ
ƚŽŵŝĐWŚǇƐŝĐƐĞŶƚĞƌ͕
hŶŝǀĞƌƐŝƚǇŽĨ>ŝƐďŽŶ
^DKs͕sŝĐƚŽƌ
ǀͲƐĂŵĞĚŽǀΛǇĂŶĚĞǆ͘ƌƵ
^DW/K͕:ŽƌŐĞ
ũŵƐĂŵƉĂŝŽΛĨĐ͘Ƶů͘Ɖƚ
^ĄE,͕,ĠĐƚŽƌ
ũƐĂŶΛĨĂŵĂĨ͘ƵŶĐ͘ĞĚƵ͘Ăƌ
&ĂD&͕hŶŝǀĞƌƐŝƚǇŽĨſƌĚŽďĂ
ÊdK^͕:ŽĂƋƵŝŵ
ũŵĨΛŐŝĂŶ͘ĨŝƐ͘ƵĐ͘Ɖƚ
ÊdK^͕:ŽƐĞWĂƵůŽ
ũƉƐΛĨĐƚ͘ƵŶů͘Ɖƚ
hŶŝǀ͘EŽǀĂ>ŝƐďŽĂ
^dK͕/ǀŽŶĞDƵůĂŬŽ
ŝŵƐĂƚŽΛŝƉĞŶ͘ďƌ
/WE͗/ŶƐƚŝƚƵƚŽĚĞWĞƐƋƵŝƐĂƐ
ŶĞƌŐĠƚŝĐĂƐĞEƵĐůĞĂƌĞƐ
^s>/s͕sĂůĞƌŝ
ǀƐĂǀĞůŝĞǀΛƐŝŝŶƚƵƐĂ͘ĐŽŵ
^//EĂŶŽdĞĐŚŶŽůŽŐǇh^͕/ŶĐ͘
^W/E͕DĂƌĐŽƐ
ŵĂƐĐĂƉŝŶΛŝƉĞŶ͘ďƌ
ŶĞƌŐĠƚŝĐĂƐĞEƵĐůĞĂƌĞƐ
KWWSH[UVILVXFSW
>/^dK&Z'/^dZ
ŶĞƌŐĠƚŝĐĂƐĞEƵĐůĞĂƌĞƐͲ
/WEͬ^W
DͲƵŶĚĞƐĂŶƐƚĂůƚĨƺƌ
DĂƚĞƌŝĂůĨŽƌƐĐŚƵŶŐƵŶĚʹ
ƉƌƺĨƵŶŐ
ĞƉĂƌƚŵĞŶƚŽĨŶĂůǇƚŝĐĂů
ŚĞŵŝƐƚƌǇ͕'ŚĞŶƚhŶŝǀĞƌƐŝƚǇ
^W/E͕sĂůĚŝƌĞŶĞ
ǀŽƐĐĂƉŝŶΛŝƉĞŶ͘ďƌ
^,Z&͕KůŝǀĞƌ
ŽůŝǀĞƌ͘ƐĐŚĂƌĨΛďĂŵ͘ĚĞ
^,KKE:E^͕dŽŵ
dŽŵ͘^ĐŚŽŽŶũĂŶƐΛŵĞ͘ĐŽŵ
^,h>͕DĞůĂŶŝĞ
ŵĞůĂŶŝĞ͘ƐĐŚƵůǌĞΛƉŶĚĞƚĞĐƚŽƌ͘ĚĞ
^Kd͕sŝǀŝĂŶĂ
ǀŝǀŝĂŶĂ͘ƐĐŽƚΛƵŶŝďŽ͘ŝƚ
ůŵĂDĂƚĞƌ^ƚƵĚŝŽƌƵŵ
hŶŝǀĞƌƐŝƚǇŽĨŽůŽŐŶĂ
^Kh>>Z͕ĂǀŝĚ
ĚĂǀŝĚ͘ƐĐŽƵůůĂƌΛƐŽƵƚŚĞƌŶŝŶŶŽǀĂƚŝŽŶ͘ĐŽŵ
^ŽƵƚŚĞƌŶ/ŶŶŽǀĂƚŝŽŶ
^Kh>>Z͕WĂƵů
ƉĂƵů͘ƐĐŽƵůůĂƌΛƐŽƵƚŚĞƌŶŝŶŶŽǀĂƚŝŽŶ͘ĐŽŵ
^ŽƵƚŚĞƌŶ/ŶŶŽǀĂƚŝŽŶ
^/D͕ŚƌŝƐƚŝĂŶ
ƐĞůŵŽĞΛƉŚǇƐŝŬ͘ƚƵͲďĞƌůŝŶ͘ĚĞ
dhĞƌůŝŶ
^//͕DŝƌĂ
ŵƐŝďĂŝΛƌǇĞƌƐŽŶ͘ĐĂ
^/>s͕ŶĂ>ƵşƐĂ
ĂŶĂůƵŝƐĂ͘ƐŝůǀĂΛƵĂ͘Ɖƚ
^/>s͕DĂŶƵĞůĂ
ŵĂŶƵĞůĂΛƉŽůůƵǆ͘ĨŝƐ͘ƵĐ͘Ɖƚ
^/>s͕WĞĚƌŽ
ƉƐŝĚŽŶŝŽΛƉŽůůƵǆ͘ĨŝƐ͘ƵĐ͘Ɖƚ
DZyͲ&dh
^/>sZ^D/d͕'ĞĞƌƚ
ŐĞĞƌƚ͘ƐŝůǀĞƌƐŵŝƚΛƵŐĞŶƚ͘ďĞ
^/D^͕DĂƌŝĂ
ŵŵƐŝŵĂƐΛŐŵĂŝů͘ĐŽŵ͖
ŵŵƐŝŵĂƐΛŚŽƚŵĂŝů͘ĐŽŵ
'ŚĞŶƚhŶŝǀĞƌƐŝƚǇͲŶĂůǇƚŝĐĂů
ŚĞŵŝƐƚƌǇ
&ĂĐƵůĚĂĚĞĚĞŝġŶĐŝĂƐ͕
hŶŝǀĞƌƐŝĚĂĚĞEŽǀĂĚĞ>ŝƐďŽĂ
^/D^<͕ƚĂŬĂŶ
ĂƚĂŬĂŶ͘ƐŝŵƐĞŬΛƉŶĚĞƚĞĐƚŽƌ͘ĚĞ
^/E'Z͕ZĞŝŶŚĂƌĚ
Z͘^ŝŶŐĞƌΛƌŽĞŶĂůǇƚŝĐ͘ĐŽŵ
ZŽĞŶĂůǇƚŝĐ'ŵď,
^/W/>ć͕,ĞŝŬŬŝ
ŚũƐŝƉŝůĂΛŐŵĂŝů͘ĐŽŵ
WŝǆƉŽůĂƌ
^/d<K͕ZĂĨĂů
ƌĂĨĂů͘ƐŝƚŬŽΛƵƐ͘ĞĚƵ͘Ɖů
hŶŝǀĞƌƐŝƚǇŽĨ^ŝůĞƐŝĂ
^D/d,͕WĞƚĞƌ
ƉĞƚĞƌ͘ƐŵŝƚŚΛĞϮǀ͘ĐŽŵ
ĞϮǀƐĐŝĞŶƚŝĨŝĐŝŶƐƚƌƵŵĞŶƚƐůƚĚ͕
h<
^K<Z^͕ŝŵŽƐƚŚĞŶŝƐ
ĚƐŽŬĂƌĂƐΛŝŶƉ͘ĚĞŵŽŬƌŝƚŽƐ͘Őƌ
E^ZΗĞŵŽŬƌŝƚŽƐΗ
^K>dh͕,ĞŝŬĞ
ŚĞŝŬĞ͘ƐŽůƚĂƵΛƉŶƐĞŶƐŽƌ͘ĚĞ
WE^ĞŶƐŽƌ'ŵď,
^dzE͕ZƵĂŶ
ƌƐƚĞǇŶΛƌŽĐŬĞƚŵĂŝů͘ĐŽŵ
^ƚƵĚŝĞƐͲhŶŝǀĞƌƐŝƚǇŽĨ
^ƚĞůůĞŶďŽƐĐŚ
^dKÊ,͕,ĂŐĞŶ
ŚĂŐĞŶ͘ƐƚŽƐŶĂĐŚΛďƌƵŬĞƌͲŶĂŶŽ͘ĚĞ ƌƵŬĞƌEĂŶŽ'ŵď,
^dZ<͕ŽƌŶĞůŝĂ
ĞŵƐΛŚĞůŵŚŽůƚǌͲďĞƌůŝŶ͘ĚĞ͖
,ĞůŵŚŽůƚǌͲĞŶƚƌƵŵĞƌůŝŶ
ĐŽƌŶĞůŝĂ͘ƐƚƌĞĞĐŬΛŚĞůŵŚŽůƚǌͲďĞƌůŝŶ͘ĚĞ
^dZ>/͕ŚƌŝƐƚŝŶĂ
ƐƚƌĞůŝΛĂƚŝ͘ĂĐ͘Ăƚ
hŶŝǀ͘WƌŽĨ͘
^dZƺZ͕>ŽƚŚĂƌ
ůƚƐΛŚůů͘ŵƉŐ͘ĚĞ
^ĞŵŝĐŽŶĚƵĐƚŽƌ>ĂďŽƌĂƚŽƌǇŽĨ
ƚŚĞDĂǆͲWůĂŶĐŬͲ/ŶƐƚŝƚƵƚĞƐ
^>ſ</͕/ŵƌĞ
ƐǌĂůŽŬŝΛƌĞĂŬ͘ďŵĞ͘ŚƵ
ƵĚĂƉĞƐƚhŶŝǀŽĨdĞĐŚŶŽůŽŐǇ
ĂŶĚĐŽŶŽŵŝĐƐ͕/ŶƐƚŝƚƵƚĞŽĨ
EƵĐůĞĂƌdĞĐŚŶŝƋƵĞƐ
KWWSH[UVILVXFSW
ZǇĞƌƐŽŶhŶŝǀĞƌƐŝƚǇ͕
DĐDĂƐƚĞƌhŶŝǀĞƌƐŝƚǇ
/ϯEͲWŚǇƐŝĐƐĞƉĂƌƚĞŵĞŶƚ͕
>/^dK&Z'/^dZ
d//͕ŶŐĞůŽ
ƚĂŝďŝΛĨĞ͘ŝŶĨŶ͘ŝƚ
hŶŝǀĞƌƐŝƚǇŽĨ&ĞƌƌĂƌĂ
d<,^,/͕DĂƐĂŶŽƌŝ
ŵƚĂŬĂŚĂƐŚŝΛƐŝŝŶƚƵƐĂ͘ĐŽŵ
^//EĂŶŽdĞĐŚŶŽůŽŐǇh^/ŶĐ͘
dE/'h,/͕<ĂǌƵŽ
ƚĂŶŝŐƵĐŚŝΛƚĞĐŚŶŽͲǆ͘ĐŽ͘ũƉ
dĞĐŚŶŽyŽ͕͘>ƚĚ͘
dZKZ'͕ZĂůĨ
ƌĂůĨ͘ƚĞƌďŽƌŐΛďƌƵŬĞƌͲŶĂŶŽ͘ĚĞ
ƌƵŬĞƌEĂŶŽ'ŵď,
dKD^͕ůĨƌĞĚŽ
ĂƚŽŵĂƐΛƵŶŝǌĂƌ͘ĞƐ
hŶŝǀĞƌƐŝƚǇŽĨĂƌĂŐŽǌĂ
dZh͕DĂƌĐ
ŵĂƌĐ͘ƚƌĂƵĞΛŬĞƚĞŬ͘ŶĞƚ
<d<'ŵď,
dZE<KsĄ͕>ĞŶŬĂ
ůĞŶŬĂ͘ƚƌŶŬŽǀĂΛĨũĨŝ͘ĐǀƵƚ͘Đǌ
dZK:<͕dŽŵĂƐ
ƚŽŵĂƐ͘ƚƌŽũĞŬΛĨũĨŝ͘ĐǀƵƚ͘Đǌ
dZh/E͕^ǀĞƚůĂŶĂ
ƐǀƚΛŶŝŝĐ͘ŶƐĐ͘ƌƵ
dZhEKs͕sĂůĞŶƚŝŶĂ
dƌƵŶŽǀĂΛŝŶƉ͘ŶƐŬ͘ƐƵ͖ǀĂůŶĂͲ
ƚΛŵĂŝů͘ƌƵ
d^h:/͕<ŽƵŝĐŚŝ
ƚƐƵũŝΛĂͲĐŚĞŵ͘ĞŶŐ͘ŽƐĂŬĂͲĐƵ͘ĂĐ͘ũƉ KƐĂŬĂŝƚǇhŶŝǀĞƌƐŝƚǇ
h:s/đ͕DĂŐĚĂůĞŶĂ
ŵĂŐĚĂůĞŶĂ͘ƵũĞǀŝĐΛŚǌũǌ͘Śƌ
h</͕DĂƐĂŚŝƌŽ
ƵŬŝďĞͲŵΛĂŝƐƚ͘ŐŽ͘ũƉ
hEdZhD^Z'Z͕
ZĂŝŶĞƌ
ƌĂŝŶĞƌ͘ƵŶƚĞƌƵŵƐďĞƌŐĞƌΛƉƚď͘ĚĞ
sĂŶ'>͕ZĞŶĂĂƚ
ŵĂĚĞůĞŝŶĞ͘ƉĞǇƚĂǀŝŶΛƚŚĞƌŵŽĨŝƐŚĞƌ͘ĐŽŵ
sE'Z/<E͕ZĞŶĞ
ƌĞŶĞ͘ǀĂŶŐƌŝĞŬĞŶΛƵĂ͘ĂĐ͘ďĞ
hŶŝǀĞƌƐŝƚǇŽĨŶƚǁĞƌƉ
sED>͕<ĂƚůĞĞŶ
ŬĂƚůĞĞŶ͘ǀĂŶŵĞĞůΛƵĂ͘ĂĐ͘ďĞ
s>K^K͕:ŽĆŽ
ũŽĂŽ͘ǀĞůŽƐŽΛƵĂ͘Ɖƚ
sZZ/͕>ƵĐĂ
ůƵĐĂǀĞƌĂϴϲΛƚŝŶ͘ŝƚ
sZ^,zE^<z/͕^Z'//
ƚŽƉŝĐĞƌΛƌĂŵďůĞƌ͘ƌƵ
s/E͕>ĂƐǌůŽ
ůĂƐǌůŽ͘ǀŝŶĐǌĞΛƵŐĞŶƚ͘ďĞ
sZK^͕ƌƵŶŽ
ďƌƵŶŽ͘ǀƌĞďŽƐΛƉĂŶĂůǇƚŝĐĂů͘ĐŽŵ
ǌĞĐŚdĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚǇŝŶ
WƌĂŐƵĞ
ǌĞĐŚdĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚǇŝŶ
WƌĂŐƵĞ
EŝŬŽůĂĞǀ/ŶƐƚŝƚƵƚĞŽĨ/ŶŽƌŐĂŶŝĐ
ŚĞŵŝƐƚƌǇ^Z^
͘s͘EŝŬŽůĂĞǀ/ŶƐƚŝƚƵƚĞŽĨ
/ŶŽƌŐĂŶŝĐŚĞŵŝƐƚƌǇ^Z^
ƌŽĂƚŝĂŶEĂƚŝŽŶĂů/ŶƐƚŝƚƵƚĞŽĨ
WƵďůŝĐ,ĞĂůƚŚ
EĂƚŝŽŶĂů/ŶƐƚŝƚƵƚĞŽĨ
ĚǀĂŶĐĞĚ/ŶĚƵƐƚƌŝĂů^ĐŝĞŶĐĞ
hŶŝǀĞƌƐŝƚǇŽĨŶƚǁĞƌƉ͕
ĞƉĂƌƚŵĞŶƚŽĨŚĞŵŝƐƚƌǇ
hŶŝǀĞƌƐŝƚăĚŝŽůŽŐŶĂ
/ŶƐƚŝƚƵƚĞŽĨƉƉůŝĞĚWŚǇƐŝĐƐ͕
EĂƚŝŽŶĂůĐĂĚĞŵǇŽĨ^ĐŝĞŶĐĞƐ
ŽĨhŬƌĂŝŶĞ;/WE^hͿ
'ŚĞŶƚhŶŝǀĞƌƐŝƚǇ͕ĞƉƚ͘ŽĨ
ŶĂůǇƚŝĐĂůŚĞŵŝƐƚƌǇ
WEĂůǇƚŝĐĂů
/ŶƐƚŝƚƵƚĞŽĨ,ŝŐŚŶĞƌŐǇ
WŚǇƐŝĐƐ͕ŚŝŶĞƐĞĐĂĚĞŵǇŽĨ
^ĐŝĞŶĐĞƐ͕ŚŝŶĂ
ĞƉĂƌƚŵĞŶƚŽĨWŚǇƐŝĐƐ͕
hŶŝǀĞƌƐŝƚǇŽĨEĂŝƌŽďŝ
tE'͕Śŝůŝ
ǁĂŶŐǌůΛŵĂŝů͘ŝŚĞƉ͘ĂĐ͘ĐŶ
tWh<,h>h͕'ŽĚĨƌĞǇ
ǁĞƉǇΛƵŽŶďŝ͘ĂĐ͘ŬĞ
t,/d͕sŝĐƚŽƌ
ǀŝĐƚŽƌ͘ǁŚŝƚĞΛũƉů͘ŶĂƐĂ͘ŐŽǀ
:W>ͲĂůƚĞĐŚ
t/>Ky͕:ĂƌŽƐůĂǀĂ
ũǌǁΛũƉů͘ŶĂƐĂ͘ŐŽǀ
:W>ͲĂůƚĞĐŚ
t/dd<KWW͕ŶĚƌĞĂƐ
ĂŶĚƌĞĂƐ͘ǁŝƚƚŬŽƉƉΛĂŵĞƚĞŬ͘ĚĞ
ŵĞƚĞŬͬy
KWWSH[UVILVXFSW
>/^dK&Z'/^dZ
tKZh^,<͕WĞƚĞƌ
ǁŽďŝΛĂƚŝ͘ĂĐ͘Ăƚ
hŶŝǀ͘WƌŽĨ͘
tK>&&͕dŝŵŽ
ƚŝŵŽ͘ǁŽůĨĨΛƚƵͲďĞƌůŝŶ͘ĚĞ
/KWdĞĐŚŶŝĐĂůhŶŝǀĞƌƐŝƚǇŽĨ
ĞƌůŝŶ
Z<^͕ŚĂƌĂůĂŵƉŽƐ ĐŚĂƌĂůĂŵďŽƐ͘ǌĂƌŬĂĚĂƐΛƉĂŶĂůǇƚŝĐĂů͘ĐŽŵ WEĂůǇƚŝĐĂů͘s͘
t/^͕ĞĂƚĂ
ďĞĂƚĂ͘ǌĂǁŝƐǌĂΛƵƐ͘ĞĚƵ͘Ɖů
hŶŝǀĞƌƐŝƚǇŽĨ^ŝůĞƐŝĂ
,E'͕<Ăŝ
ǌŚĂŶŐŬΛŝŚĞƉ͘ĂĐ͘ĐŶ
,hK͕^ŚĂŶŐũƵŶ
ƐũǌŚƵŽΛŵĂŝů͘ƐŝĐ͘ĂĐ͘ĐŶ
/dE/<͕DĂƚũĂǎ
ŵĂƚũĂǌ͘ǌŝƚŶŝŬΛŝũƐ͘Ɛŝ
:ŽǎĞĨ^ƚĞĨĂŶ/ŶƐƚŝƚƵƚĞ
sZs͕sĂůĞŶƚŝŶĂ
ǀĂůŝǌĂŶƚΛŵĂŝů͘ƌƵ
͘s͘EŝŬŽůĂĞǀ/ŶƐƚŝƚƵƚĞŽĨ
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list of registered - EXRS 2010

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Programme - EXRS 2010 - Universidade de Coimbra

آمدید خ ش - Herz Jesu Berlin Mitte